Understand the Difference Between a Will and Trust by Calling a Professional Near Lombard, IL

Wills and trusts are both documents that are designed to transfer property to other individuals, but there are a couple of key differences between the two. One of the most notable is when they go into effect; wills will only go into effect after the people who created them dies, while trusts go into effect immediately upon creation. Wills are also often easier to create and can be used not just to designate where your assets will go but also to name guardians for any pets and children and specify any final arrangements, among other things. Trusts can be a little more complicated to create, but they allow you to have more control over how your assets are distributed.

Neither a trust nor a will is technically ‘better’ than the other; which one you use will ultimately depend on your situation and needs. In fact, it’s not uncommon for many people to use a will and trust together.