Are you confused by wills and trusts? In this video, you will learn all the basics about trusts and wills. This is a great video for beginners because it starts down at the most basic level in explaining what trusts and wills are before going into more detail. You will feel confident in your understanding of these two terms, allowing you to differentiate between them, to understand how and why they work, and eventually getting involved with them when it is time.
Some assets can be designated to a beneficiary after death, such as 401K accounts and life insurance. However, there are other types of assets that lack the ability to be covered in such a way, and that’s where wills come in, because otherwise the government will decide for you. A trust, on the other hand, can work in conjunction with a will, usually in cases where someone is ineligible to be a beneficiary, such as a child. The trust will be in charge of distributing the assets at the appropriate time.