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Day: December 22, 2021
Whats the Difference Between a Will and a Trust? – Online College Magazine
https://onlinecollegemagazine.net/whats-the-difference-between-a-will-and-a-trust/
Wills can include an executor that’s the person responsible for planning your funeral memorial service and everything that is going to happen following your death in death. The most common thing to do is include things you’d like done at the time of your funeral, which includes your wishes for burial or cremation, where you’d like your ashes spread, where you’d like to be buriedand where you’d like your funeral to be held in addition to other. Wills also allow you to specify the preferred guardian to your kids.
A trust, or a life trust that is revocable, assists you to avoid probate. The trust will decide who will receive what kind of property. Like your will, a trust allows you to transfer your possessions following your death with an administrator who oversees the assets and funds and how to distribute that assets and funds. When you create wills and trusts, it’s basically creating a plan for how you will distribute your assets. The primary difference between trusts and wills is that your trust is able safeguard your home and your family members from probate.
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