A will is a legal document that describes how you would like your property to be distributed after you die. You can use a will to name guardians for children or pets, and to specify who you choose to receive your property.
With trusts, your beneficiaries do not receive their entire inheritance at once. Instead, you choose someone (a trustee) to manage your property in the best interests of your chosen beneficiaries. A living trust is a trust you make while you are alive. A testamentary trust, on the other hand, is a trust you create in your will. It is only effective after you die. With both types of trusts, your trustee will distribute the trust funds to your beneficiaries according to your instructions. Creating a special needs trust is an effective way to provide for a disabled loved one who will need ongoing care. If you would like to distribute payments on a timeframe (once a month, when a child reaches age 23, etc.), your trust can be designed for that purpose.
A will is the cornerstone of a good estate plan. But there are other estate planning tools to consider too, including trusts. These additional documents help you to make advance healthcare decisions, avoid probate, and name people to make decisions for you if necessary