What is the difference between a will and a trust?

A will and a trust are two different types of estate planning document that are used to provide for the distribution of one’s assets upon death. In Washington, both a will and a trust can be used to designate beneficiaries and ensure that property is distributed according to the wishes of the deceased. A will is a legally recognized document that is used to outline the wishes of the deceased. It typically includes instructions regarding to what extent the property is to be distributed to the designated beneficiaries. It can also provide instructions on the deceased’s preferences for funeral arrangements, guardianship and other matters. The will is effective upon death and becomes part of the public record. A trust, on the other hand, is an agreement between two parties, a trustee and the beneficiary, that outlines how the trustee is to manage and distribute the assets of the deceased. The trustee is typically a designated family member or an attorney and is responsible for disposing of the assets in accordance with the wishes of the deceased. The trust is not effective until after the death of the deceased and is kept private from the public record. Overall, the main difference between a will and a trust is that a will takes effect upon the death of the deceased, whereas a trust does not go into effect until after the death of the deceased. Each of these documents are important components of estate planning in Washington, and it is important to understand the differences between them.

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What is the difference between a will and a trust?

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