What is the difference between a trust and a will?

A trust and a will are both legal documents that can help you plan for your future. However, they have different effects and responsibilities. A trust is a legal arrangement that allows you to put assets into a fund to be managed and distributed by a trustee. The trustee is responsible for managing the assets in the trust, as well as distributing them according to the instructions included in the trust document. A will, on the other hand, is a document that is used to identify the beneficiaries of your estate after you die. It also allows you to specify who will be responsible for administering your estate and distributing your assets. The major difference between a trust and a will is that a trust takes effect while you are alive, while a will only takes effect after you die. The trust document establishes instructions for the trustee while you are alive, and the trustee manages the assets according to those instructions. On the other hand, a will has no effect until after you pass away. After your death, the will is used by the court to determine who will be the beneficiaries of your estate and who will be the estate administrator responsible for distributing the assets according to the instructions in the will. In Delaware, elder law attorneys can help you understand the differences between a trust and a will, and help you decide which one is best for you and your family. An elder law attorney can also assist you in drafting and signing all the appropriate documents so that your wishes are carried out accordingly.

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What is the difference between a trust and a will?

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