What is the difference between a will and a trust, and which one is better for me to use in my estate plan?

As a lawyer, I can provide legal advice on the difference between a will and a trust and which one would be better for an individual to use in their estate plan.

A will is a legal document that outlines how an individual's assets will be distributed after their death. In a will, an individual can name an executor who will oversee the distribution of assets to their designated beneficiaries. A will can also appoint guardians for minor children and detail any specific instructions for the distribution of assets.

On the other hand, a trust is a legal entity that holds assets for the benefit of designated beneficiaries. A trust allows an individual to transfer their assets to the trust while they are still alive, and then designate how those assets will be distributed after their death. A trust can also provide for the management of assets if an individual becomes incapacitated or unable to manage their own affairs.

Whether a will or a trust is better for an individual to use in their estate plan depends on their specific circumstances. Some factors to consider include the size of the estate, the complexity of the assets, and the intended distribution of those assets.

For individuals with small estates and simple asset structures, a will may be sufficient to ensure that their assets are distributed according to their wishes. However, for individuals with larger estates and complex asset structures, a trust may be a better option as it can provide greater flexibility and control over how assets are distributed.

It is important to note that trusts can be more costly to establish and maintain compared to a will. Additionally, assets held in a trust may not be subject to probate, which can be a benefit in some circumstances, but may also limit the court's ability to oversee the distribution of the assets.

Ultimately, the decision on whether to use a will or a trust in an estate plan is a personal one that should be made with the guidance of a licensed attorney. An attorney can provide assistance in assessing an individual's specific situation, and developing an estate plan that best suits their needs and objectives.