What is the difference between a trust and a will?

A trust and a will are both legal documents that allow individuals to manage assets. However, they are very different. A will is generally used to explain a person’s wishes about the distribution of their assets after they die. The will can also specify guardians for minor children and appoint an executor who will manage the deceased’s estate. A will is considered to be an effective way to pass on assets, but it must go through the probate court system before it can take effect. On the other hand, a trust is a legal document that is used to manage assets during a person’s lifetime. It is possible to set up a trust to protect assets and give a person more control over the distribution of their assets. In Maryland, a trust can also help to protect assets from creditors and lawsuits. In short, a will is used to distribute assets after a person passes away, and a trust is used to manage assets while the person is living. Both documents can be used to protect assets, but they are very different in terms of scope and purpose.

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