A will is a legal document that outlines how you want your assets distributed after your death. It appoints an executor to manage your estate, and it can also include instructions for the care of minor children or pets. A trust, on the other hand, is a legal arrangement in which you appoint a trustee to manage your assets during your lifetime and distribute them according to your wishes after your death. You can create a trust while you are alive (a living trust) or through your will (a testamentary trust).
The main difference between a will and a trust is that a will only goes into effect after your death, while a trust can begin benefiting you during your lifetime. Trusts also offer more flexibility in how your assets are distributed and can provide more privacy than a will, which must go through probate court.
Which one is better for you depends on your individual circumstances and goals. If you want more control over how your assets are distributed and want to avoid probate court, a trust may be a better option. However, trusts can be more expensive to create and maintain, so it may not be worth it for smaller estates. If you have minor children or pets, a will can provide instructions for their care that a trust cannot.
It's important to speak with an experienced attorney who can assess your specific situation and advise you on which option is best for you. An attorney can also help you create a will or trust that is valid and enforceable under the relevant jurisdiction's laws.
It's also important to periodically review and update your will or trust to ensure that it still reflects your wishes and is up-to-date with any changes in your life or the law.
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