What is the difference between a will and a trust?

A will and a trust are two important estate planning documents that are used to transfer assets and manage wealth. They both have their own unique purpose and are essential components for estate planning in Kansas. A will is a document that outlines how a person would like their assets to be distributed after they pass away. The will is prepared in advance of the event, and it appoints an executor to manage the estate. This document must be filed with the local court and is legally binding. A trust, on the other hand, is a legal agreement between two or more parties. It is used to manage the distribution of assets and wealth. Trusts provide many benefits, such as reducing or eliminating estate taxes, protecting assets from creditors, and providing for future generations. Trusts can also be used to manage and distribute assets to charities, organizations, or individuals. The primary difference between a will and a trust is that a will is used to dictate how assets should be distributed after a person’s passing, while a trust is used to manage the administration and distribution of assets while a person is still alive. A will only becomes effective upon the death of the creator, while a trust is active and functional while the creator is still alive. Another difference between a will and a trust is that wills undergo a probate process and must be filed in a court of law, while a trust does not go through a probate process. This means that trusts can be used to privacy and can avoid court delays. In summary, a will and a trust are two important estate planning documents that are used to transfer assets and manage wealth. A will outlines how a person would like their assets to be distributed after they pass away and must be filed with the court, while a trust is used to manage the distribution of assets while a person is still alive and does not require a court filing.

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What is the difference between a will and a trust?

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