What is the difference between a will and a trust?

A will and a trust are both estate planning tools used to provide for the disposition of a person’s assets upon their death in Washington. However, they are quite different in how they are created and used. A will is a legally binding document that is created by an individual who is of lawful age and of sound mind. It details how their assets are to be distributed upon their death, including to whom and in what percentages. A will must be signed and witnessed in order to be legally valid. A trust, on the other hand, is an arrangement where a third party (such as a bank or attorney) holds and manages assets on behalf of a beneficiary. It is created during the lifetime of the individual and can be used to manage assets preciously or to provide for the distribution of assets after death. A trust can also be used by older individuals to plan for the future care of themselves or their loved ones. In conclusion, the main difference between a will and a trust is that a will is a document that dictates how a person’s assets are to be distributed upon their death whereas a trust is an arrangement where a third party holds and manages assets on behalf of a beneficiary. In Washington, Elder Law attorneys can help individuals to determine which of these tools is best for their situation.

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What is the difference between a will and a trust?

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