Estate Planning
4 months ago
What's the difference between a will, a living trust, and a testamentary trust?
15
I'm trying to understand the different estate planning tools. My situation: married, two kids under 18, house with mortgage, retirement accounts, life insurance. What's the practical difference between a simple will, a revocable living trust, and a testamentary trust (created by the will)? Which one provides the most protection for minor children? Do I need a trust or is a will sufficient for a 'typical' family?
DR
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