A Will and a Trust are two different legal instruments that may be used in estate planning. In general, a Will is a legal document that outlines how a person's assets should be distributed after their death. A Trust, on the other hand, is a legal entity that can hold assets and distribute them according to specified terms.
Here are some key differences between a Will and a Trust:
- Probate: A Will must go through the probate process before the assets can be distributed, while a Trust generally avoids probate.
- Privacy: A Will becomes a matter of public record when it goes through probate, while a Trust is a private document and may be kept confidential.
- Control: With a Will, the testator maintains control of their assets until they pass away, while with a Trust, the grantor can maintain control even after they pass away, through the appointment of a trustee.
- Flexibility: A Trust may be more flexible in terms of how and when assets are distributed, while a Will is generally more straightforward.
- Cost: Trusts can be more expensive to set up than Wills, but the cost may be offset by the avoidance of probate and other benefits.
It is important to note that these are general differences, and the specifics may vary depending on the laws of your jurisdiction and the particular circumstances of your situation. Additionally, there may be other factors to consider in deciding whether to use a Will or Trust, such as tax implications or family dynamics.
To determine which option is best for your situation, it is important to consult with a qualified estate planning attorney. The attorney can review your specific circumstances and provide personalized advice and recommendations.
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