As a lawyer, I can explain the difference between a will and a trust.
A will is a legal document that outlines how a person's assets will be distributed after their death. It is a declaration of a person's wishes for their property and assets, and it appoints an executor to carry out these wishes. A will goes into effect upon the death of the person who made it, and it can be amended or revoked at any time during their lifetime.
On the other hand, a trust is an arrangement in which a person transfers their assets to a trustee to manage for the benefit of someone else, typically a family member or beneficiary. The trustee is responsible for managing and distributing the assets according to the terms of the trust. A trust can be established during a person's lifetime, in which case it is called a living trust, or it can be established in their will to take effect after their death.
The main difference between a will and a trust is that a will only takes effect after a person's death, while a trust can be used to manage assets during a person's lifetime and after their death. Additionally, a will typically goes through probate court, where a judge confirms its validity and oversees the distribution of assets, while a trust can avoid probate entirely.
Limitations or exceptions to this advice may vary depending on the jurisdiction and specific circumstances of each individual case. It is important to consult with a licensed attorney for specific legal advice regarding wills and trusts.
In conclusion, a will is a legal document that outlines a person's wishes for the distribution of their assets after their death, while a trust is an arrangement in which a trustee manages assets for the benefit of someone else. Both documents have their own benefits and limitations, and it is important to carefully consider the specific circumstances of each case when deciding which estate planning tool to use.
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