Posted on February 28,2022 in Uncategorized

How should wealth be distributed among family? Which is the best path to take? It is a simple question with a complicated answer.

Do you know the difference between wills and trusts? Do you know whether you need one or the other, or both?

What is a will?

A will is a physical document that designates to whom you wish to receive your assets and take care of your minor children after you are gone. They usually contain two important elements – a description of your assets and a passage naming who will receive them. You can include special instructions in your will, such as how to split your assets between loved ones and favorite charities.

Other issues you should know about your will include:

• A will is subject to probate, and the process must start within four years of the creator’s death.
• A will is public. The public can see the details of your family’s assets and final wishes.
• A will must be signed with two witnesses who are not named beneficiaries in your will.

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