What is the difference between a will and a trust, and which is better suited for my needs?

A will and a trust are both legal mechanisms for distributing property after a person's death, but they operate in different ways.

A will is a document that outlines a person's wishes regarding the distribution of their property after their death. It only takes effect upon the person's death, and is subject to probate proceedings, in which a court oversees the distribution of the person's assets. This process can be time-consuming and expensive, because it requires legal fees and court costs.

A trust, on the other hand, is a legal entity that holds and manages property on behalf of another person. The person who creates the trust (the "grantor") transfers their property to the trust, which is managed by a trustee for the benefit of the beneficiaries named in the trust document. A trust can be set up to take effect immediately or upon the grantor's death, at which point it can distribute the assets to the beneficiaries without going through probate. This can save time and money, and can also provide more flexibility in the management and distribution of assets.

Which option is better suited for a person's needs depends on their individual circumstances, including the size and complexity of their estate, their goals for distributing their property, and their personal preferences. For example, a will may be sufficient for a person with a small estate and straightforward wishes, while a trust may be more appropriate for a person with significant assets or more complicated distribution requirements.

It is important to note that there may be some limitations or exceptions to the advice given, depending on the specific laws and regulations in the relevant jurisdiction. Moreover, it is always advisable to consult with a licensed attorney to determine the best legal strategy for one's individual circumstances.

In summary, while both a will and a trust are legal mechanisms for distributing property after a person's death, they operate in different ways and may be better suited for different individuals. Therefore, it is important to consult with an attorney to determine the best course of action.