A Will is a document that controls the disposition of a person’s property at death. Some of the reasons to have a will include:

1. Allows you, as the person making the Will (the testator), to decide who will receive your property;
2. Allows you to select the executor of your Will;
3. You may appoint a person, a bank or a trust company;
4. Reduces the costs of administering the estate;
5. The executor can be granted powers without court order;
6. The Will can waive the surety on the executor’s bond;
7. Allows you to name a guardian if you have minor children;
8. Allows you to decide how your beneficiaries will receive their share of the estate;
9. Property may be distributed directly to beneficiaries or by trust; and
10. Can provide benefits to beneficiaries during their lifetime with benefits paid to different beneficiaries once the original beneficiaries die.

A Trust is a where a fiduciary (the trustee) is appointed to act in the best interests of another party (the beneficiary) within the confines of a certain directive (the trust).  Sometimes trusts are needed in an estate plan to properly administer the assets, avoid probate, and minimize tax.