As a lawyer, the main difference between a will and a trust is that a will becomes effective only after your death, while a trust becomes effective immediately after it is created.
A will is a legal document that outlines how your assets should be distributed after your death. You can name an executor who will oversee the distribution of your assets and a guardian for any minor children. A will also provides an opportunity to designate who you want to receive your possessions, your property, and your other assets.
On the other hand, a trust is a legal entity created during your lifetime to manage specific assets for the benefit of one or more beneficiaries. There are two main types of trusts: revocable and irrevocable. A revocable trust allows you to retain control of your assets until your death, at which point control is transferred to the designated beneficiaries. An irrevocable trust, once created, cannot be changed or amended.
The choice of whether to use a will or a trust in your estate plan depends on your specific objectives. For example, if you want to avoid probate, protect your assets from creditors, or manage your assets during your lifetime, a trust may be a better option. If your objectives are more straightforward, such as naming guardians for minor children or distributing property to specific beneficiaries, a will could be sufficient.
It is always advisable to speak with an experienced estate planning attorney to help you make the right decision based on your individual circumstances. They can advise you on the legal requirements in your jurisdiction, any limitations or exceptions to the advice given and provide suggestions for further action if necessary.
By
