Wills and Trusts

Photo by Melinda Gimpel on Unsplash

I know what a will is. The simple version is that it’s a legal document that lists one’s assets and how they want them to be distributed after they die. I also thought I knew what a trust was, but I always believed that trusts were for rich people. After all, usually one hears the term “trust fund” and assumes great wealth.

To my surprise, it is not that way at all. From what I have learned, having a trust simply allows one’s family…