What is the difference between a will and a trust?

As a lawyer, I am happy to provide information on the difference between a will and a trust. Both a will and a trust are legal documents used for estate planning, but they differ in some key ways.

A will is a legal document that outlines how you want your property and assets to be distributed after your death. It appoints an executor who will be responsible for carrying out your wishes as expressed in the will. You can also use a will to name a guardian for any minor children you have.

A trust, on the other hand, is a legal arrangement where you transfer your property or assets to a trustee. The trustee then manages your property or assets for the benefit of your named beneficiaries. A trust can be either revocable or irrevocable. With a revocable trust, you can make changes to the terms of the trust at any time during your lifetime. With an irrevocable trust, you typically cannot make changes to the terms of the trust once it has been established.

One significant difference between a will and a trust is how they are administered. A will requires a probate proceeding, which is a legal process through which a court oversees the distribution of the deceased person's assets. The probate process can be time-consuming and expensive. A trust, on the other hand, does not require probate, which means that the assets can be distributed to the beneficiaries more quickly and with less expense.

Another important difference is privacy. Wills become a matter of public record once they are filed with the court, which means that anyone can access the information in the will. Trusts, on the other hand, do not become part of the public record, which means that the details of the trust can be kept private.

In summary, both wills and trusts are useful estate planning tools, but they serve different purposes. A will outlines how you want your property and assets to be distributed after your death, while a trust transfers your property or assets to a trustee who will manage them for the benefit of your named beneficiaries. A major difference between the two is that a will requires probate, while a trust does not.

It is important to consult with a licensed attorney to determine which option is best for your individual estate planning needs. This information is intended for general informational purposes only and should not be relied upon as a substitute for legal advice from a licensed attorney.