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It can also be a simpler way to transfer assets after your death.
But if you already have a will, do you really need a trust?
The answer, as you might imagine, is more complex than a simple yes or no.
What Does a Will Do?
A will is simply a legal document that specifies where you want your assets to go after you die.
Its also relatively simple and inexpensive to draft.
What Does a Trust Do?
Unlike a will, a trust is much more than a simple authorization document.
A trust is its own legal entity that can actually physically own assets.
This allows it to completely bypass probate.
A trust can also be much more costly to set up than a simple will.
So, Do You Need Both a Will and a Trust?
Generally speaking, the more complicated your financial situation, the more you should gravitate towards having a trust.
And if you have a trust, you should in almost all cases have a will as well.
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