[0:06]A common question is whether you should create a trust or a will. And there are several factors that go into determining which is best for you. Let's take a closer look at the key differences between a trust and a will. First, let's look at what each document does. A will is a legal document that specifies how your assets will be distributed after your death, and it designates a guardian for any minor children. A trust, on the other hand, is a legal arrangement that allows a third party, a trustee, to hold and manage assets on behalf of a beneficiary or beneficiaries. Trusts can be created during your lifetime, a living trust, or upon your death, a testamentary trust. A key advantage of a trust is that it can help avoid probate, which is the legal process of validating a will and distributing assets under the supervision of the court. Probate can be a lengthy and expensive process. Whereas assets held in a trust can be distributed to beneficiaries more quickly and privately. However, trusts can be more complex and costly to set up than wills. If you have a complex financial situation, own real estate in multiple states, or want to provide for a special needs beneficiary, a trust may be a better option. If you have a relatively simple estate, a will may be sufficient to meet your needs. In summary, both wills and trusts are important estate planning documents. The best choice for you depends on your individual circumstances, goals, and the complexity of your estate. It's always a good idea to consult with an experienced estate planning attorney to determine which option is best for you.