What is the difference between a will and a trust?

The difference between a will and a trust in Massachusetts’ estate planning law is significant. A will is a legal document that outlines your wishes concerning the distribution of assets upon your death. It states how you want to divide up real estate, personal possessions, and other property among your beneficiaries. A trust is an entity created to manage assets and, like a will, it outlines how assets should be distributed upon death. The main difference between a will and a trust is that a will does not become active until you pass away, whereas a trust can take effect while you are still alive. A trust can hold your assets in trust while you are alive and can still have them distributed after you pass away according to the directions of the trust. This is beneficial for tax purposes and for protecting your assets from creditors. Another difference between a will and a trust is that a will is subject to the probate court process, which is a lengthy process in which the court determines the validity of the will and its provisions. A trust, on the other hand, is not subject to the probate court process as the trust is created in a manner that does not pass through the probate court. This means that the trust assets are not subject to the same delays and costs associated with probate court processing. Overall, if you are looking to have control over how your assets are distributed upon your death, it is important to understand the differences between a will and a trust. A will is often the better option if you are looking to make small changes in your estate plan, whereas a trust is more suitable if you are looking to protect your assets from creditors and avoid probate court processing.

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What is the difference between a will and a trust?

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