Scottsdale, Gilbert, & Goodyear:
Salt Lake City Area:
The differences between the two are not always clear.
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What Is a Trust?
A trust is a legal arrangement, with trustees, who hold power on behalf of designated beneficiaries. A trustee can be a person or an institution such as a bank or a law firm.
What Is a Will?
A will is a written document that allows you to dictate who will receive your property at the time of your death. It is revocable and subject to amendment at any time.
As mentioned before, a trust allows you to establish provisions that specify when a child is entitled to the assets within the trust.
A standard will allows your property to be passed on to your dependents and heirs, but it doesn’t grant much control on how that property must be used.
With frequently changing estate tax thresholds, you may want to consider establishing a trust with tax planning provisions.
Trusts and wills can accomplish similar objectives. When choosing, it is important to know that one size doesn’t fit all. Your estate plan should always be prepared in the way that best meets your family’s needs.
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