It is a common misconception that Wills and Trusts are essentially the same thing when, in fact, they serve very different purposes. One does not replace the other, but they do work well together to create a complete Estate Plan [hyperlink to EP page]. On one hand, a Will is a legal document that dictates who will receive your property after you die and appoints a Personal Representative to ensure your wishes are carried out. This document takes effect upon your death and covers any property in your name at the time of your passing. It does not handle property held in joint tenancy (property owned together equally by 2 or more parties; when one party to a joint tenancy dies his or her share passes automatically to the other owners). A Will must also pass through probate [hyperlink to probate page] and becomes part of the public record. On the other hand, a Trust holds legal ownership of things that you already own and will own in the future and can be used to distribute your assets at any time before or after your death to those who you name as beneficiaries of the Trust. Put simply, a Trust allows you to distribute property before your death and only includes assets that you choose to include. You may cancel or change your Trust at any time. A Trust also passes outside of probate, so the courts do not have to be involved, ensuring more privacy and saving your loved ones time and money. If you have questions about creating a Will or Trust, or deciding if a Trust is right for you, call or email us today for a free consultation.