“Estate Planning Basics: Wills vs Trusts”

– A revocable living trust allows for the management of money and property if the individual becomes unable to do so, while a will only becomes effective after death.
– Property and accounts in a revocable living trust do not go through probate, while those passing through a will do.
– A will can be used to name guardians for a minor child and a personal representative to wrap up affairs after death, which a revocable living trust cannot do. – Both a will and trust allow individuals to name who will receive their assets.
– A will controls accounts and property in an individual’s name, while a trust requires the transfer of property into the trust.
– Trusts can include protective sub-trusts to prevent beneficiaries’ assets from being seized by creditors.

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