Two core estate-planning tools, and how they differ.
A solid estate plan makes life easier for the people you leave behind. Two tools do most of the work: wills and trusts.
What a will does
A will states who receives your property and who cares for minor children. It takes effect at death and generally goes through probate, the court process that validates the will and settles the estate.
What a trust adds
A trust holds assets for beneficiaries and can take effect during your life. Trusts often avoid probate, add privacy, and give you more control over how and when assets are distributed.