What is the difference between a will and a trust?

A will and a trust are two different ways to plan for the distribution of a person’s estate after they pass away. In Virginia, a will is a document that states how an individual wants their property, money, and assets to be distributed after their death. A will typically also names a person, called an executor, to carry out the terms of the will. A trust, on the other hand, is set up before someone passes away and puts property, money, or assets into the control of another person or entity. The trust is used to manage and protect assets for the benefit of another person or entity. The trust can also be used to manage assets and protect those assets from creditors or taxes. A trust can be revocable, meaning it can be changed or ended at any time, or irrevocable, meaning that it cannot be changed or ended unless the terms of the trust allow for it. The biggest difference between a will and a trust is that a will does not go into effect until the person who wrote it has died, while a trust goes into effect as soon as it is created. Another difference is that a will requires the involvement of a court system, while a trust does not. Finally, a trust can be used to control and protect assets during the lifetime of the person creating it, while a will cannot.

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