What is the difference between a trust and a will?

A trust and a will are two different legal documents that are both commonly used in Elder Law in Florida. A trust is an arrangement where a trustor (the person who creates the trust) transfers legal title of his or her property to a trustee (the person managing the trust) for the benefit of another person, the beneficiary. The trustee is then responsible for managing the trust according to the trustor’s wishes, which are written in a trust agreement. On the other hand, a will is a legal document that directs how a person’s assets are to be distributed after death. A will may name an executor, which is a person responsible for managing and completing the tasks necessary to transfer the property to its designated recipients. A will can also name guardians for minor children and provide instructions for how the assets should be managed until the children reach the age of majority. Finally, it is important to note that a trust can be created while someone is still alive, whereas a will only takes effect at the time of death. Trusts are used for asset management and are frequently used to avoid probate and protect assets from creditors. Wills are used to direct how assets are distributed and provide direction for estate settlement activities. Both trusts and wills are important legal documents used in Elder Law in Florida.

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What is the difference between a trust and a will?

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