A will is a legal document with clear instructions regarding how you would like your assets distributed after your passing. This can include financial assets, as well as real and personal property. In your will you can appoint an executor or personal representative, name beneficiaries, leave instructions on how beneficiaries will receive their inheritance, and designate guardians for your children if applicable. A valid will gives the designated executor the legal authority to administer your estate, allowing them to distribute your assets to the beneficiaries and resolve outstanding financial liabilities.

A trust is a relationship in which you give another party the authority to handle the assets concerning your beneficiaries. While a will is a public record, a trust is not. Many people who wish to keep the details of their estate private will choose a trust rather than a will. Another advantage of having a trust is that much of the amount is not subject to estate taxes, so those with large estates may benefit from a trust vs. a will.