What is the difference between a trust and a will?

The primary difference between a trust and a will is how they are used to transfer assets after death. A trust is a legal document that allows an individual to transfer their assets or possessions to another person, often called a beneficiary, during their lifetime or after their death. The assets can be managed by a trustee throughout the trust’s duration. A will is a legal document which states how an individual wishes to distribute their assets after death. A will serves as an instruction manual to the court and outlines the distributions that the individual wishes to make to their beneficiaries. In Oklahoma, both trusts and wills are important elements of asset protection law. A trust can be used to transfer assets during someone’s lifetime, and it can also be used to ensure that these assets are protected after death. A will allows an individual to state how they wish their assets to be distributed after their death, and it also allows them to name an executor. who will be responsible for carrying out their wishes. Additionally, in Oklahoma, a will can be used to set up guardianships for minor or disabled children. Overall, trusts and wills are important elements of asset protection law in Oklahoma, but they have different uses. Trusts are used to transfer assets during someone’s lifetime, while wills are used to distribute assets after death.

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