What is the difference between a will and a living trust?

As a lawyer, I can explain the difference between a will and a living trust. Both are legal documents that allow individuals to determine how their assets will be distributed after they pass away, but they differ in several important ways.

A will is a legal document that specifies how a person's assets will be distributed after their death. It can also name an executor who will be responsible for carrying out the person's wishes. A will only takes effect after the person dies, and it must go through a legal process known as probate, in which a court determines the validity of the document and oversees the distribution of assets. A will can be amended or revoked at any time until the person dies.

A living trust, on the other hand, is a legal document that also specifies how a person's assets will be distributed after their death, but it is established during the person's lifetime. The person creating the trust, known as the grantor, places their assets into the trust, which is managed by a trustee (who can be the grantor themselves). The grantor retains control of the assets while they are alive, but after their death, the trustee distributes the assets to the beneficiaries named in the trust. Unlike a will, a living trust does not go through probate, which can make the distribution of assets quicker and less expensive. A living trust can be changed or revoked by the grantor at any time while they are alive.

It's worth noting that in some jurisdictions, the probate process is relatively quick and inexpensive, so a living trust may not provide a significant advantage over a will. Additionally, a living trust can be more complex to set up and manage than a will, so it may not be the best option for everyone. An experienced attorney can help you determine which option is best suited for your individual needs and circumstances.

In order to ensure that your assets are distributed according to your wishes, it's important to have an estate plan in place. This plan should include a will, a living trust if necessary, and any other relevant documents or instructions. It's also important to periodically review and update your estate plan to ensure that it remains current and reflects any changes in your life or circumstances.