What is the difference between a will and a trust, and which one should I choose for my estate plan?

A will and a trust are both estate planning tools, but they serve different purposes. A will is a legal document that outlines how a person's assets will be distributed after their death. It allows the person making the will (the "testator") to name beneficiaries and designate an executor to carry out their wishes. A will also allows the testator to appoint guardians for their minor children and to make other important decisions about their estate.

A trust, on the other hand, is a legal entity that holds assets for the benefit of one or more beneficiaries. A person who creates a trust (the "grantor") transfers assets into the trust and designates a trustee to manage those assets. The terms of the trust dictate how the assets will be distributed, and the trust can continue to exist beyond the grantor's death.

There are several key differences between a will and a trust. One important difference is that a will must go through probate, which is a court process that validates the will and ensures that the assets are distributed according to its terms. This process can be time-consuming and expensive, and it can also be subject to challenges from disgruntled heirs or other interested parties. A trust, on the other hand, does not generally go through probate, which can help to streamline the distribution of assets.

Another difference is that a will typically only takes effect after the testator's death, whereas a trust can be created during the grantor's lifetime and can be used to manage assets during their lifetime as well as after their death. This can be particularly useful for people who want to ensure that their assets are managed properly if they become incapacitated or unable to make financial decisions.

When choosing between a will and a trust for your estate plan, there are several factors to consider. These may include the size and complexity of your estate, your family situation, and your personal preferences. It is important to work with an experienced estate planning attorney who can help you evaluate your options and create a plan that meets your needs.

If you are considering creating a will or a trust, it is important to keep in mind that estate planning laws and requirements can vary by state. Be sure to consult with a licensed attorney in your jurisdiction to ensure that your estate plan is in compliance with all relevant laws and regulations.