Wills vs. Living Trust . Financial Health Workshop - April 29, 2011. What is a will?.
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A legal document of instructions listing the distribution of property, designating beneficiaries to receive specific items from your estate. If you have minor children it allows you to appoint a guardian for their care. A will goes into effect at the time of your death.
A legal document which provides a life time and after-death property management for your beneficiaries, set up with your specific requirements and time frames for distribution. If you are disabled or become incapacitated, the trust is in place to manage your financial affairs.
The legal term is dying intestate if you fail to have a Will or Living Trust at the time of death. State Law will control and distribute your property to your spouse or closest heir, regardless of your wishes, and appoint anyone to be the administrator of your property. If you have minor children the state can appoint a guardian of their choosing.