What is the difference between a trust and a will?

A trust and a will are both essential documents for any asset protection plan. They each have their own distinct purposes, and understanding the differences can help you make the most of both. A will is a document that sets out how someone wants their assets to be divided after they have passed away. It is also used to appoint an executor who will be responsible for carrying out the instructions in the will. Wills are typically used to provide for a surviving spouse or family members, and they can also be used to donate assets to charitable causes or provide for guardianship of any minor children. A trust, on the other hand, is a legal document used to manage assets while the creator of the trust is still alive. The creator of the trust, known as the grantor, transfers ownership of their assets to a trustee who is responsible for managing those assets according to the terms of the trust. Trusts can be used to protect assets from creditors, avoid probate, and manage assets for minor children or people with disabilities. In Ohio, the laws surrounding trusts and wills, as well as other asset protection laws, are complex and constantly changing. To ensure that your assets are properly managed and protected, it is important to seek help from a qualified attorney who is knowledgeable in asset protection law.

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What is the difference between a trust and a will?

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