What is the difference between a will and a trust?

As a lawyer, I can provide legal advice on the difference between a will and a trust.

A will is a legal document that outlines a person's wishes regarding the distribution of their property after they die. It is often called a "last will and testament" and must be executed in accordance with the law of the jurisdiction where the testator, or person making the will, resides. Once the testator dies, the will must go through probate, which is a legal process that includes the payment of debts and taxes owed by the estate, the distribution of the property according to the terms of the will, and the validation of the document.

A trust, on the other hand, is a legal entity created by a person to hold property for the benefit of others, known as beneficiaries. The person creating the trust, called the settlor or grantor, transfers their property into the trust, which is managed by a trustee. The terms of the trust are outlined in a legal document called a trust agreement, which provides instructions for the trustee on how to manage and distribute the property to the beneficiaries. Unlike a will, a trust can take effect during the grantor's lifetime or after death, and does not go through probate.

There are several key differences between a will and a trust. Firstly, a will only takes effect after the testator dies, whereas a trust can be used during the grantor's lifetime. Secondly, a will must go through probate, which can be a lengthy and costly process, whereas a trust does not. Thirdly, a will is a public document that can be accessed by anyone, whereas a trust is a private document that is not filed with a court and is only accessible to those who have a legal interest in it.

In summary, both a will and a trust are legal documents that offer different benefits and drawbacks. A will is a straightforward way to distribute property after death, but it is subject to probate and only takes effect after death. A trust can be used during life or after death, avoids probate, and provides greater privacy. However, creating and managing a trust can be more complex and costly than creating a will.

It is important to consult with an experienced attorney to determine which option is best for your specific situation, as the laws governing wills and trusts can vary by jurisdiction and the specific circumstances of your assets and intended beneficiaries.