What is the difference between a trust and a will?

A trust and a will are two different types of documents used in asset protection law. Each document provides instructions for how a person’s assets should be distributed after they die and can protect a person’s assets from creditors or other claims. The primary difference between a trust and a will is that a trust is an arrangement that is created and governed while a person is alive, whereas a will is created only after the person has died and goes into effect upon death. A trust is a document that sets forth how a person’s assets should be managed and distributed while they are alive or after they have passed away. These instructions are set in stone and enforced by a trustee. A will, on the other hand, is a document that is created after a person has passed away that provides instructions for how their assets should be distributed after they have died. Unlike a trust, a will can be modified or revoked at any time before death, depending on the wishes of the person who wrote it. In New Jersey, both trusts and wills are governed by state law and must be created and executed according to the rules in order for them to be legally enforceable.

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What is the difference between a trust and a will?

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