What is the difference between a trust and a will?

A trust and a will are both legal documents that you can use to protect your assets. But there is an important difference between the two. A will is a document that you create before you die. It tells the court what you want to happen to your assets when you die. Through a will, you can decide who will receive your assets and how they should be divided. A trust, on the other hand, is a document that you create while you are still alive. It sets up a legal relationship between yourself and the person you appoint to manage your assets. You can decide who will manage your assets - such as a family member or a professional - and how they should be handled. In Louisiana, the law states that anyone can create and amend a will or trust at any time. However, it’s important to keep in mind that there are specific requirements that must be met in order for a will or trust to be valid. For example, a will must be in writing and signed by the maker in front of two competent witnesses. A trust must also be in writing and must be signed by the settlor. So, as you can see, a will and a trust are different in a few key ways. A will allows you to decide what happens to your assets when you die, while a trust allows you to set up a legal relationship between yourself and the person responsible for managing your assets while you are alive.

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What is the difference between a trust and a will?

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