What is the difference between a will and a trust?

A will and a trust are two different legal documents used in estate planning laws in Alaska. A will is an official document that states how a person’s assets are to be distributed upon their death. It also names a guardian for any minor children and an executor of the estate. A trust is a legal document that describes how the assets in the trust should be managed. The trust is usually set up to provide for the long-term care of the beneficiary or to pass on assets to them after the grantor’s death. The main difference between a will and a trust is that a will takes effect after a person’s death while a trust takes effect immediately upon the death of the grantor. A trust is more complex than a will because it involves transferring assets before death and providing for the management of those assets. With a will, the assets are distributed according to the wishes of the deceased, but with a trust, the assets are managed according to the wishes of the grantor. Another difference between a will and a trust is that a will is a public document while a trust is a private document. The will is filed with the probate court and is accessible to the public. A trust is not filed with a court and is not accessible to the public. Additionally, a trust can provide for asset protection and tax advantages which are not available with a will.

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What is the difference between a will and a trust?

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