What is the difference between a trust and a will?

A trust and a will are both legal documents that are important parts of Elder Law in Kansas. The primary difference between a trust and a will is when the documents take effect. A will typically takes effect only after someone’s death, while a trust can take effect before or after death. A trust is a legal document that can be used to manage the assets of a person during life and upon death. It is usually established to provide for a person’s dependents or beneficiaries during life. A trust is managed by a trustee, who is responsible for managing the assets and distributing them according to the trust’s instructions. The trust document also specifies who will receive the assets after the trustee’s death. Trusts can be revocable or irrevocable and can be used for tax planning and asset protection. A will is a legal document that is used to direct the distribution of a person’s assets after death. It is usually used to designate heirs, appoint guardians for minor children, and name an executor to administer the estate. A will can also contain instructions for funeral arrangements, charitable gifts, and other matters. Both wills and trusts are important parts of Elder Law in Kansas. Wills and trusts can be used together to provide for a person’s dependents and beneficiaries over their lifetime and after death. An experienced estate planning attorney can help individuals in Kansas will create an estate plan that meets their needs.

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What is the difference between a trust and a will?

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