Knowing difference between wills and trust to create a successful estate plan

Having a solid estate plan in place gives you peace of mind that the wealth you build over your lifetime will be passed on to those you care about in accordance with your wishes. A will is a fundamental component of an estate plan, and every adult should have one. But in some cases, a trust might be used to achieve your objectives. Here, we’ll look at wills and the two most common types of trusts: testamentary trusts and living trusts.