What is the difference between a will and a trust?

A will and a trust are important documents in trusts and estates law in Minnesota. The primary difference between a will and a trust is that a will does not take effect until after the death of the maker of the will (the testator), while a trust can take effect as soon as the trust terms are in place. A will is a legal document that a person creates to outline how their assets and property should be distributed after their death. The person’s estate is distributed according to the terms of the will, which must usually be witnessed and signed by two other people. The will also names an executor, who is responsible for making sure the will is properly carried out. A trust is an arrangement in which a third party holds an individual’s assets or property in trust for the benefit of another person or organization. The trust document will outline how the assets should be managed and how they should be distributed after the maker of the trust dies. The trust is managed by a trustee, who is responsible for managing the assets according to the trust document. In summary, the main difference between a will and a trust is that a will does not take effect until after the maker of the will has died, while a trust can take effect at any time. A will is used to distribute an estate, while a trust is used to manage assets for the benefit of another person or organization.

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What is the difference between a will and a trust?

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