What is the difference between a will and a trust?

A will and a trust are two different methods of organizing one’s estate in the state of Oregon. A will is a legal document that outlines how and to whom one’s estate shall be distributed upon his or her death. The will is often created to provide for specific people, children, or causes. A trust is a legal arrangement in which one person, known as a trustee, holds property for the benefit of another person, known as the beneficiary. A trust is typically formed when a person wishes to transfer assets to someone else, such as a minor or someone with a disability. In Oregon, both wills and trusts must go through the probate process in order for the assets to be distributed properly. The probate process is a court-supervised legal process used to close a deceased person’s estate. During probate, the court will review the will or trust to make sure the assets are distributed according to the deceased person’s wishes. The main difference between a will and a trust is that a will is distributed immediately upon death, while a trust is often held until the beneficiary reaches a certain age or achieves a certain milestone. Additionally, a trust can provide protection for assets in the event of the beneficiary’s death, while a will cannot. Finally, the probate process is required for a will, but is not always required for a trust. Depending on the complexity and type of trust, it may not need to go through probate.

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What is the difference between a will and a trust?

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