You've likely heard the terms before:

• wills
• trusts
• simple trust
• complex trust
• generational wealth 

But do you really understand what they mean or how these tools can help you and your loved ones financially?

Joining us on the show to help navigate the differences between wills, trusts, and how generational wealth can benefit your family is Dr. Gail Hamilton, owner, and principal of BeeConnectedLife.com, a service that helps private businesses and families establish trusts & foundations.

A will is a legal document that spells out your wishes regarding the care of your children, as well as the distribution of your assets after your death.

A trust is another method of estate transfer—a fiduciary relationship in which you give another party authority to handle your assets for the benefit of a third party, your beneficiaries.

• A trust can be created for a variety of functions, and there are many types of trusts. 

The difference between a will and a trust is when they kick into action.

• A will lays out your wishes for after you die.
•  A living revocable trust becomes effective immediately. 
  • While you are alive you can be in full charge of your trust. 
  • And when you become incapacitated or die, the person you appoint as the successor trustee can easily step in and handle your affairs exactly as you have laid out in the document.

About Dr. Gail Hamilton
For more information on Dr. Gail Hamilton or her work establishing trusts and foundations for families and private businesses, visit BeeConnectedLife.com.

To purchase Dr. Hamilton's book, Wisdom From Queens: Vol. 3, visit DocGail.com. 

Questions for the show?
Email us at TalkWealthPodcast[@] gmail [dot]com 

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