What is the difference between a will and a trust?

A will and a trust are both legal documents that are used to handle an individual’s estate, but they serve very different purposes. A will is a legal document that states the wishes of an individual regarding how their assets should be distributed upon their death. The will also names an executor who will be in charge of carrying out the wishes of the deceased. A trust can be used to handle an individual’s estate both during their lifetime and after their death. A trust is a legal document in which the individual assigns a trustee to manage their assets according to the conditions of the trust. The trustee is legally obligated to manage the trust assets according to the directions in the trust document. Unlike wills, trusts can be used to avoid probate court proceedings, allowing assets to be distributed according to the trust’s instructions in a quick and efficient manner. In Virginia, probate law distinguishes between a will and a trust in regard to the distribution of the deceased’s assets. The will must be formally probated by the court in order for the assets to be distributed according to the will. Conversely, because a trust does not need to be formally probated, the trustee is able to handle the distribution of the assets in accordance with the trust document without court supervision.

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What is the difference between a will and a trust?

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