The Difference Between Wills And Trusts—What You Need to Know
Estate planning is a crucial part of mapping out your family’s future. While there are many different components of an estate plan, wills and trusts are an important part of assuring how your assets will be distributed after your death—and to whom. “When someone dies without a will, their assets belong to their estate until the probate process is complete,” says Carolyn Yun, CPA, and CFP at Hollow Brook Wealth Management LLC in New York. “To ensure that a person’s final wishes are met, it’s important to get a will drafted,” she says.