What are Wills and Trusts?
A will, also known as a testament, is a document noting what a person wants after his death. For instance, an individual may want one child to have her diamond ring while the other child would get the diamond earrings. This desire would be documented in a will. A will can be changed as many times as you would like. You can have over 100 wills written in your entire lifetime. But the last one which has been written, dated, and notarized will be the valid one after death. A will can include any desires or wishes including how you want you estate divided, who you would like your assets left to, and even named guardians if you have minor children. If you have minor children it would be best not only to name a guardian but to also set up an Irrevocable Trust. An Irrevocable Trust is a trust fund which can not be changed. The Irrevocable Trust helps protect assets. These assets can be placed in the Irrevocable Trust and then beneficiaries are named. When the person dies, the trust goes right
