An older man helping a small boy with a fishing rodA Trust is similar to a Will, but there are a few key differences.

A Trust, like a Will, is a very specific set of instructions on how to handle assets that are to benefit yourself and/or other individuals.  However, a Will doesn’t go into effect until a person passes away.  A Trust can be funded and put to work even during someone’s life.

Another major benefit of a Trust is that because it can be put into place during someone’s life, it can be there to take care of an individual if they become unable to care for themselves.  

People don’t always think about that gap of time between possible incapacitation and death, but it is a critical time and one that needs proper planning.