What is the difference between a trust and a will?

The main difference between a trust and a will is the purpose of each document. A trust is a legal document that allows someone to set up a fund with property or other assets to benefit a person or organization. The trust is typically set up to last for a specific period of time, and the designated beneficiaries of the trust will receive the assets in accordance with the directions the trust document contains. In contrast, a will is a legal document that outlines how a person’s assets should be distributed or managed after they have passed away. A will also names an executor who will be responsible for ensuring the deceased’s wishes are carried out. In terms of asset protection law in District of Columbia, trust and wills have different requirements and implications. Trusts are typically more complex to set up, as they involve more administrative work and require a trustee. The trustee is responsible for managing the trust and ensuring that the beneficiaries receive the assets as specified in the trust document. In contrast, wills are relatively simple documents to set up and require far less administrative involvement. They also do not require a trustee to manage the assets. Ultimately, both trusts and wills can be powerful legal instruments in protecting assets, but they serve different purposes and must be established according to the laws of District of Columbia.

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What is the difference between a trust and a will?

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