What is the difference between a will and a trust?

A will and a trust are both important documents that can help you plan for your financial future. They both are vital when it comes to estate planning, but they are not the same thing. A will is a legal document that outlines how you want your property and assets to be distributed when you pass away. You can also designate guardians for any minor children. A will takes effect after your death and is subject to probate, which is a court-supervised process that ensures your will is valid and your wishes are carried out. A trust is a legal document that allows you to manage your property and assets before and after your death. The trust is set up with certain conditions and rules that must be followed. You can use a trust to provide for family members, friends, and charities, and even to protect assets from probate and creditors. The trust takes effect as soon as it’s created and is not subject to probate like a will. Both wills and trusts are important estate planning tools, and the best way to decide which one is right for you will depend on your individual circumstances. If you live in New York, it’s always best to consult with an attorney who specializes in estate planning law to ensure that you make the right decisions.

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What is the difference between a will and a trust?

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