Similar to a will and last will and testament, a trust document details how you want your assets distributed upon your death and how to take care of your minor children financially.

There are two different types of trusts: revocable and irrevocable.

Your trustee will not have the hassle of going to court or hiring an attorney to settle the estate, and has the immediate right to distribute your property according to the plan described in your trust.

You can be very detailed in your trust and formulate your plan to take care of things like the future care for beloved pets or managing specific needs of an aging parent, a spouse left behind, or a relative with health issues.

Trust and wills are not necessarily mutually exclusive and depending on one’s specific estate planning needs, having both may be appropriate.

Read more: Basic Estate Planning: A Trust, A Will, or Both? | AIER

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