What is the difference between a will and a trust, and which one should I have?

As a lawyer, I can provide legal advice on the differences between a will and a trust, and which one would be appropriate for your specific situation.

A will is a legal document that outlines your wishes for the distribution of your assets after your death. It is a flexible document that allows you to name beneficiaries to receive your property, designate guardians for your minor children, and name an executor to manage your estate. A will only goes into effect after your death, and it must go through probate court to ensure that it is valid and that your wishes are carried out.

A trust, on the other hand, is a legal entity that holds and manages your assets on your behalf during your lifetime, and it can continue to do so after your death. A trust allows you to avoid probate court, which can be time-consuming and expensive, and it offers more control over how your assets are managed and distributed. With a trust, you can name yourself as the trustee and have full control over your assets during your lifetime, and upon your death, a successor trustee takes over to distribute your assets according to your wishes.

There are different types of trusts, including revocable trusts, irrevocable trusts, and testamentary trusts, each with its unique benefits and limitations. A revocable trust, also known as a living trust, can be modified or revoked during your lifetime and offers privacy and flexibility. An irrevocable trust cannot be changed once it is created and offers protection from creditors and potential lawsuits. A testamentary trust is created through the terms of a will and is only effective after your death.

Which one you should have depends on your individual needs and goals. If you have a complex estate or wish to avoid probate court, a trust may be a better option for you. However, if your estate is straightforward, a will may be sufficient. It is best to speak with an experienced estate planning attorney who can assess your situation and provide customized recommendations.

In conclusion, a will and a trust are two different legal documents that serve different purposes. While a will outlines your wishes for the distribution of your assets after your death and goes through probate court, a trust is a legal entity that holds and manages your assets during your lifetime and can continue to do so after your death, without the need for probate court. It is important to work with an attorney to determine which option is best for you based on your individual needs and goals.