Wills and trusts are foundational to estate planning. They help ensure your money, property and other assets are passed on according to your wishes.
If you haven’t yet taken advantage of these legal tools or it’s been a while since you last looked them over An Ameriprise financial advisor can help determine what makes sense for you, your family and your legacy planning goals.
Here’s an introduction to the basics of trusts and wills and how they can support your broader estate planning needs:
A will is a legally binding document that provides for the orderly distribution of your assets after your death. A key component of estate planning, a will typically:
A trust is a legal instrument that allows the person who created it known as the grantor to distribute assets to specific beneficiaries. You may place almost any asset into a trust, but they usually include cash, stocks, bonds, real estate, insurance policies and even physical assets such as antiques or artwork.
Trusts are often used by individuals who want more control over how their assets are managed during their life and after their death. Trusts can also provide strategies for protecting assets from creditors, maximizing gifts, controlling taxes and maintaining privacy.