What is the difference between a will and a trust?

The main difference between a will and a trust is how the assets of the deceased person or “testator” are managed. In Virginia, a will is the legal document that states the testator’s wishes regarding how their estate should be distributed after they die. The will designates who will be the executor of the estate, assigns guardianship of any children and spells out who will receive which assets. The will also states who will be the beneficiaries of the estate. A trust is a legal document that is set up during the testator’s lifetime and is used to assign guardianship and/or manage the distribution of assets upon the testator’s death. The trust is managed by the trustee, who is designated by the testator. The trust can specify how the assets should be distributed, who will have access to them, and when they should be dispersed to the designated beneficiaries. The trust can also be set up to manage assets for the testator’s dependents, or for specific purposes or charities. The difference between a will and a trust is that a will does not have to be set up during the testator’s lifetime and is only used for distributing assets. In contrast, a trust is set up during the testator’s lifetime and is used to manage the distribution of assets. The trust also provides more flexibility in terms of how assets should be distributed and managed.

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What is the difference between a will and a trust?

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