What is the difference between a trust and a will?

The main difference between a trust and a will is who gets to manage and control the assets. A trust is a legal document that allows an individual, known as the trustee, to manage and control the assets of another person. A trustee is usually a family member, close friend or even a bank or other financial institution. A trust is set up during the lifetime of the person who creates it, and the trustee is responsible for managing the assets according to the wishes of the creator of the trust. A will, on the other hand, is a document that details how a person wishes to divide up their assets upon their death. This document is created after the testator (the person who created the will) has passed away. The assets are then handed out according to the wishes stated in the will. The executor of the will is the person responsible for carrying out the wishes of the deceased person. In California, both a trust and a will are governed by the California Probate Code. Both trusts and wills are used to provide for the orderly distribution of a person’s assets upon their death. However, trusts are more commonly used for the purpose of asset protection and to avoid probate, which is the court process of managing the assets of a deceased person. Wills are more often used to control the distribution of assets after death.

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What is the difference between a trust and a will?

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