Wills and Trusts are legal arrangements that protect assets and direct their use and disposition in accordance with their owners' intentions.. Wills and trusts are two common estate planning tools you can use to transfer assets to loved ones. The importance of a will and a living trust is thatthey provide a clear, enforceable way to provide for your family and plan your legacy.

Answer the following question(s)

1. What are the key differences between Wills and Trusts?
2. List as many of the benefits you learned about each instrument. Are there any disadvantages? If so, list them and provide an example.
3. Given what you now know about Wills and Trusts, under what circumstances would you use each (give one example for Wills and another for Trusts)