Series 66: Estate Plans: Trusts Vs. Wills

Estate Plans: Trusts vs. Wills

Most people have some sort of estate plan which can be used to pass on their assets after their death. The simplest estate plan is a will. A will is a written document that lays out how a person’s assets should be distributed upon death. A will must be witnessed by two people and signed by the creator to be valid. A will is created when a person is still living and it is revocable at any time. Many people use a will to name the persons who will become guardians to their children should they die. Wills are relatively inexpensive to create and do not require upkeep. The creator of the will must name an executor of the estate who will manage his estate after he dies.

Living trusts are another alternative. Living