What is the difference between a will and a trust and which one should I choose to ensure my assets are distributed according to my wishes?

As a lawyer, I can explain the difference between a will and a trust, and provide guidance on which document would be most beneficial for distributing your assets according to your wishes.

A will is a legal document that allows you to designate who will receive your property and assets after you die. It also allows you to appoint an executor to manage your estate and handle the distribution of your assets. A will only takes effect after your death, and can be changed or updated throughout your lifetime.

A trust, on the other hand, is a legal arrangement where you transfer ownership of your assets to a trustee, who manages them for the benefit of your chosen beneficiaries. Unlike a will, a trust takes effect immediately after it's created and can take effect either during your lifetime or after your death. There are two main types of trusts: revocable and irrevocable.

A revocable trust can be changed or terminated at any time during your lifetime. It allows you to maintain control over your assets and can be used to avoid probate, which is a time-consuming and costly process that occurs when your assets are distributed through your will.

An irrevocable trust cannot be changed or terminated without the consent of the beneficiaries. It involves a transfer of ownership of your assets and can be used to reduce estate taxes and protect your assets from creditors.

Choosing between a will and a trust depends on your individual circumstances, such as the size and complexity of your estate, your personal preferences, and your goals for distribution of your assets. If you have a relatively simple estate and simply want to designate who will receive your assets after you die, a will may be sufficient. If you have a large estate, want to avoid probate, or want more control over how your assets are managed and distributed, a trust might be a better option.

It's important to note that neither a will nor a trust is a one-size-fits-all solution, and there may be limitations or exceptions to the advice given depending on your individual circumstances. It's recommended to consult with an experienced estate planning attorney and financial advisor to create a comprehensive plan that meets your specific needs and goals.