What is the difference between a will and a trust?

The difference between a will and a trust is an important one to understand in Wisconsin probate law. A will is a legal document drafted and executed by a person, known as the testator, that directs the distribution of their assets upon death. A trust, on the other hand, is a legal document drafted and executed by a person, known as the trustor, which places assets into a trust fund that is managed and distributed according to the trustor’s instructions. In both cases, Wisconsin courts must approve the documents in order to make sure the assets are distributed according to the wishes of the testator or trustor. With a will, the court must ensure that the testator was of sound mind and didn’t alter the document after signing it. With a trust, the court must ensure that the trustor had the legal capacity to create the trust and that all of the provisions were legal and binding. The main difference between a will and a trust is that a will takes effect upon the death of the testator and the assets are distributed according to the terms of the will. With a trust, the trustor can set up the trust to take effect while they are still alive and can even give instructions on how the trust should be managed and distributed. This means that a trust can be used to manage and distribute assets during the trustor’s lifetime and can be an effective way to manage and transfer wealth.

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What is the difference between a will and a trust?

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