What is the difference between a will and a trust?

A will and a trust are both important legal documents in Delaware Elder Law. The main difference between them is who is responsible for administering the estate, and how the estate is passed on to desired beneficiaries. A will is a legal document in which a person outlines their wishes regarding the distribution of their property and assets after their death. When you create a will, you will name an executor. When you die, the executor is responsible for carrying out the instructions outlined in your will, such as ensuring your debts are paid, and that the remaining assets are distributed according to your wishes. A trust, on the other hand, is a legal document that allows you to transfer assets to a designated beneficiary or beneficiaries. When you create a trust, you are the grantor, and will name a trustee to manage and distribute the assets. Unlike a will, a trust allows you to transfer certain assets and avoid probate and other legal processes. In conclusion, the main difference between a will and a trust is that a will requires an executor to carry out your wishes after your death, while a trust allows you to transfer assets directly to a designated beneficiary or beneficiaries without the need for an executor. Both of these important legal documents should be considered when creating a comprehensive Elder Law plan in Delaware.

Related FAQs

What are the advantages of enrolling in a long-term care insurance policy?
What is a guardianship and how do I set one up?
What is the difference between a will and a trust?
What is Elder Law?
What is a durable power of attorney?
What types of assets are exempt from being counted in determining Medicaid eligibility?
How do I set up a special needs trust?
What is a pooled trust?
What is a pour-over will?
What is elder financial abuse?

What is the difference between a will and a trust?

Related FAQs

Related Blog Posts