What is the difference between a will and a trust?

A will and a trust are two important legal documents used to plan for the transfer of assets after death. In South Carolina, probate law guides the passing of a person’s assets to their heirs after their death. When a person dies, their estate goes through probate, which is the legal process of administering and transferring their assets. A will is a legal document that states a person’s wishes in regards to what should happen to their assets after their death. Wills are typically written by the person who is giving away their assets, and they can include instructions on who should receive the assets and how the transfer should take place. The will must be signed and witnessed in order to be legally binding. It is important to note that the will must be probated through the court system in order for it to take effect. A trust is an agreement between a person who is transferring their assets (the grantor) and another person (the trustee) who will be responsible for managing the assets and distributing them as directed. Trusts are set up during a person’s lifetime and do not have to be probated through the court system. This makes trusts an attractive option for passing assets, since they can be quicker and often less expensive than creating a will. In summary, the main difference between a will and a trust is that a will must be probated through the court system in order for it to take effect, while trusts do not have to be probated. And while wills are typically written by the person transferring their assets, trusts are set up between a person transferring their assets and a trustee responsible for managing them.

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What is the difference between a will and a trust?

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