A will is a legal document that states your final wishes in the event of death or incapacity. It allows you to name an executor (the person in charge of your estate) to carry out your final wishes, heirs to receive assets from your estate, and a guardian for any minor children you may have.
A trust goes one step further. It helps you to have more control of your estate. Your assets are put into the trust and managed by the trustee on behalf of the beneficiaries, according to the terms you put in the trust document.
The biggest difference between a will and a trust is probate avoidance. Most people do not need a trust despite what you may read on the internet or hear from friends and family. However, in certain situations, (for example, if you own assets above state and/or federal exemption limits) a trust is a useful estate planning tool as it can minimize estate taxes. There are other situations where trusts are preferred. I am happy to discuss your unique situation to determine which estate planning tools will work best for you and your family.
If you would like a more detailed explanation to help with your particular situation, we can setup a free 30 minute phone consultation. Please call (443) 244-3216 or click here to setup an appointment