What’s the Difference Between a Trust and a Will?
Are you wondering about the difference between a trust and a will?
If you are starting your estate planning, you might be wondering if you need a trust or a will. While trusts and wills might seem like the same thing, they are different documents with different purposes.
What is a will? In a nutshell, a will is a document detailing what will happen to your property, minor dependents, and more after you die.
What is a trust? In a nutshell, a living trust is a document that appoints a trustee to manage and distribute your assets after your death. However, a trust can also be active while you are still alive.
If you are wondering what are the differences between these two essential documents, this short and simple guide is for you.
A major difference between will vs trust is conservatorship. For a trust, you can name a family member or other loved one to take over your affairs should you become incapacitated. However, with a will, you would need to attach a power of attorney to name who will manage your affairs while you are still alive.
If you are wondering about the difference between a will and a trust, one difference is the probate process. With a living trust, your heirs will not have to go through the probate process. However, with a will, they will have to enter the time-consuming and costly legal process of probate.
One of the many benefits of a will is the ability to name a guardian for your dependents. However, you cannot make this essential decision with a living trust.
Another major difference between a living trust and a will is that you can name a property manager for any property you leave to your children in a will. However, a living trust does give you this opportunity.
One of the many benefits of a trust is privacy. When you use a living trust, your records are private from the public. However, after your death, your will becomes a public document that can be accessed by anyone.
A major difference between a will and trust is how easily you can make revisions.
Changing a will is a relatively simple task, you need to meet with your lawyer, make the changes, and sign the new will. However, changing a trust can be a complicated process that involves transferring property and signing in front of a notary.
You can click here for more information on revising your will or trust.
This Is the Difference Between a Trust and a Will
If you are wondering about the difference between a trust and a will, this guide is for you.
The differences with wills and trusts affect your conservatorship, probate court, guardianship, and property management. If you have a will and a trust, you will also find differences between privacy and how easily you can make revisions.
These are the differences you will find with a will and a trust.
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