What is the difference between a trust and a will?

A trust and a will are both legal documents that are used to make provisions for the management and distribution of assets after death. The primary difference between the two documents is when they take effect. A trust goes into effect as soon as it is written and signed. Meanwhile, a will only goes into effect after the death of the person who wrote it. A trust is a document that is used to manage and distribute assets while the creator of the trust is still alive. In a trust, the creator is known as the grantor and they choose someone to manage the assets in the trust, known as the trustee. The grantor also chooses the beneficiaries, who are the people that the assets will be distributed to upon the grantor’s death. A will, on the other hand, is a document that is used to manage and distribute assets after the death of the creator. The creator of the will is known as the testator and they choose an executor who will be responsible for managing the assets as specified in the will. The testator also designates the beneficiaries, who are the ones that will receive the assets. In sum, the primary difference between a trust and a will is when they take effect. A trust goes into effect as soon as it is written and signed, while a will only goes into effect after the death of the person who wrote it.

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What is the difference between a trust and a will?

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