Oftentimes when I am meeting with clients, we spend a significant amount of time focusing on fully understanding their personal and financial lives. This allows us to make sure that we can holistically address all of their needs, goals, and dreams for the future.
During this process, we discuss in-depth the best ways we can customize a plan to make it all happen.
Two of the most common questions I hear from clients are: 1) What is the difference between a trust and a will, and 2) Why it is important to document my wishes to best care for my family?
Simply defined, a will determines how your assets will be fully distributed after you die; a trust is a legacy to your heirs. Your trust details how your assets will be held and managed for the benefit of your heirs at your direction.
There are many different kinds of trust, each having its own focus and determined impact and benefit.