Difference Between a Will and a Trust
If you do your research you will find that the life expectancy of an adult is more, which means they have enough time to create an estate plan which will take care of them. One needs to know that there are two estate plan tools namely will and a trust, and it is important to find more about them. An important thing one should note is that a will and a trust never have the same meaning. The purpose of a will and that of trust are different, and this is something one needs to have more information about. You should know that a will can protect your property differently from a trust, which is why you should have more details about them. If you are planning to distribute your assets you have to make sure you know how a will is different from a trust. The article herein discusses how a will is different from a trust.
Firstly, when you look at the definition of a will you will find that it is a written document that shows how people want to disperse their property after they die. On the other hand, a trust always shows a plan on how a third party should help manage certain assets, and that means trust is living since the third party will be managing your property when you are still alive. Since trust is living one has the chance to decide where their property will go. If you choose a will you have to know that it can have some particular directions.
When you take a look at the differences between a will and a trust you will realize that their characteristics make them different. A thing that makes a will different from a trust is that in a will a judge is needed so that they appoint an executor who can always take certain actions even before being approved by the law. One needs to understand is that the executor can only distribute the assets depending on the instructions provided in the will. A thing one should know about trust is that a manager can immediately distribute any property without being appointed by a judge, and that means there will be no need for a judge.
Finally, one should know that the public access to the content of a will makes it different from a trust. One needs to know that the content in trust has always been confidential, and that means it can only be accessed by an executor or beneficiary. After the will has been filed the public can always be aware of its content. In summary, one needs to understand the differences provided here to know the one that is better for them.