Nearly everyone has heard the terms “will” and “trust,” but not everyone knows what these two important estate planning documents can do for them. In this blog, we will discuss the real difference between wills and trusts. For further help evaluating whether a will, a trust, or both working together would be best for you and your family, contact our Plainfield, IL estate planning attorney.
What is a Will?
A Last Will and Testament (also just called a “will”) serves two primary purposes. First, your will outlines who inherits your property when you pass away, ensuring your assets are distributed according to your wishes. Second, your will allows you to name a guardian for your minor children. A guardian is an individual or couple you trust to care for your children and manage their inheritance if you pass away. These two functions form the foundation of what a will is designed to accomplish.