What is the difference between a will and a trust?

A will and a trust are legal documents that are used to transfer property, usually after someone passes away. The main difference between a will and a trust is when the property is transferred. With a will, property is typically transferred to the rightful heirs at the time it is probated, which is after the will creator (testator) passes away. All assets that the testator had ownership of during their life are transferred through the will. A trust, on the other hand, is created during an individual’s lifetime. There is a designated person, called a trustee, who has control of the trust assets and manages them according to the terms of the trust. When the testator dies, the trust assets are transferred to the designated beneficiaries. The trust can also provide instructions on how the trust is to be managed during the testator’s life as well as after their death. The most important difference between a will and a trust is when the property is transferred. With a will, the transfer of property happens after the person’s death. With a trust, the transfer of property happens during the person’s life and the terms of the trust document control how the trust assets are handled after the death of the testator. In Washington, both a will and a trust are legally binding documents and must be prepared according to the state’s legal requirements. It is important to meet with an attorney to discuss the best option for your estate planning needs.

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