WHAT IS THE DIFFERENCE BETWEEN WILLS AND TRUSTS?
Wills and trusts are both legal documents used to carry out your wishes, but they operate in different ways.
Will
Trust
- It takes effect only after the testator’s death and is primarily used by the appointed executor(s) to distribute assets.
- It can take effect during your lifetime or after your death.
- It must go through the probate process to be executed.
- It can avoid the probate process, providing greater privacy and flexibility.
- It involves transferring assets into the trust, which is managed by a trustee who distributes them to beneficiaries according to the terms of the trust.
