What is the difference between a will and a trust?

A will and a trust are important documents in estate planning law in Texas. Both are used to help people prepare for the future and make decisions regarding their assets and property after they pass away. However, there are some key differences between them. A will is a legal document that states who will receive a person’s property and assets after they pass away. It also outlines who will be responsible for carrying out the person’s wishes and serving as the executor of their estate. This document is administered through the court system after death by the executor, who ensures that the assets are distributed according to the will. A trust, on the other hand, is a legal document that sets up a fund or an account that holds a person’s assets. It designates a trustee, who is responsible for managing the assets during the person’s lifetime and distributing them according to the trust document after the person passes away. This document is not administered through the court system, but is enforced by the trustee. One key difference between a will and a trust is that a trust can help avoid probate, which is the court process of settling an estate after a person passes away. Wills have to go through probate, whereas trusts do not, which can make life easier for the executor and beneficiaries of the estate. Overall, wills and trusts are two important estate planning documents that can help people prepare for the future and make decisions regarding their assets and property. They each have their own benefits and drawbacks, so it is important for people to consult with a qualified estate planning attorney in Texas to determine which is best for their situation.

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