What is the difference between a will and a trust?

A will and a trust are two estate planning tools available in Florida. Both are designed to protect your assets and provide for your loved ones after you pass away. A will is a legal document that outlines your wishes regarding the distribution of your assets and possessions upon your death. It also allows you to set up guardianship for minor children. A will is public record and must be submitted to the court to become valid. A trust is a legal entity created by you to hold and manage assets for the benefit of specified individuals. You can name a trustee to manage the trust, which can be a person, corporation, or other entity. The trust must be funded with assets in order to be valid. It is a private document, not subject to public record like a will. The main difference between a will and a trust is that a will goes into effect after your death, while a trust can begin during your lifetime. A trust can provide for immediate distribution of your assets to your beneficiaries upon your death, while a will must go through the probate process before your wishes can be carried out. Trusts also provide more protection from creditors and avoid probate court fees, which makes them more attractive to use in estate planning.

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What is the difference between a will and a trust?

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