What is the difference between a will and a trust, and which one is best suited for my estate planning needs?

As an attorney, I can explain the difference between a will and a trust and provide guidance on which option may be best suited for your estate planning needs.

A will is a legal document that specifies how a person's property and assets will be distributed after their death. A will allows the testator (the person making the will) to name an executor who will carry out the instructions in the will. A will also allows the testator to name a guardian for any minor children.

On the other hand, a trust is a legal arrangement that holds property or assets for the benefit of one or more beneficiaries. There are many different types of trusts available, but the most common is a revocable living trust. In a revocable living trust, the grantor (the person making the trust) retains control of the assets in the trust during their lifetime. After their death, the assets are distributed according to the terms of the trust. A trust can also provide for management of assets in the event of incapacity, which a will cannot do.

Which option is best for your estate planning needs will depend on your individual circumstances. Wills are generally simpler and less expensive than trusts, but they do have limitations. A will must go through probate, which can be a lengthy and expensive process. Additionally, a will only controls assets that are in the testator's name at the time of their death, which may not include all of their assets.

Trusts can be more complex and expensive to set up than wills, but they can offer several advantages. A trust can help your estate avoid probate, potentially saving time and money. A trust can also provide for management of assets in the event of incapacity, which a will cannot do. Additionally, a trust can provide ongoing management and protection of assets for beneficiaries, such as minor children or adults with special needs.

Ultimately, the decision between a will and a trust will depend on your individual circumstances, including the size of your estate, your goals for distributing your assets, and your tolerance for complexity and expense. I recommend consulting with an experienced estate planning attorney who can help you understand the pros and cons of each option and create a plan tailored to your needs.