: 10 Mistakes that Most People Make

How a Will is Different From a Trust

The life expectancy of an adult is many, which is why you find they have time to create an estate plan. When you try to find more about estate plans you will find that a will and a trust are two estate plan tools. An important thing one should note is that a will and a trust never have the same meaning. A thing that makes a will different from a will is that their purposes are different. One has to know that both a will and a trust can protect their property, but they do that in different ways. If you are planning to distribute your assets you have to make sure you know how a will is different from a trust. Following is the focus on the things to help differentiate between a will and a trust.

You should note that a will contains details on how a property should be distributed when they die. A trust is living since it provides a plan on how a third party can help manage your property when you are still alive. An important thing that one needs to know is that a living trust allows you to decide where your property should go and manage your assets when you can’t. There can be some specific directions on your will; hence, one should find more about it.

The characteristics of a will makes it different from a trust, which is why one needs to learn more about them. A judge is the one who appoints an executor when it comes to a will, but one needs to know that an executor doesn’t need approval by the law to take certain actions. A will needs to have some instructions so that they can guide the executor while distributing the assets. A thing one should know about trust is that a manager can immediately distribute any property without being appointed by a judge, and that means there will be no need for a judge.

Finally, one should know that the public access to the content of a will makes it different from a trust. One needs to know that the content in trust has always been confidential, and that means it can only be accessed by an executor or beneficiary. A will has always been accessible by the public as long as it has been filed. In summary, one needs to understand the differences provided here to know the one that is better for them.

Leave a Comment