What is the difference between a will and a trust?

Here's a breakdown of the key differences between a will and a trust:

A will is a legal document that outlines how you want your assets distributed after your death. It's relatively straightforward to create, but it requires probate, which is the court-supervised process of validating the will and distributing the assets. Probate can be time-consuming and costly.

A trust, on the other hand, is a legal arrangement where you (the grantor) transfer assets to a trustee, who manages them for the benefit of beneficiaries. There are many different types of trusts, but one of the major distinctions is between revocable and irrevocable trusts. A revocable%20trust allows you to retain control of the assets during your lifetime and can be changed or terminated. An irrevocable%20trust, however, generally cannot be easily changed or terminated once it is established. A significant advantage of a trust is that it typically avoids probate, allowing for a more private and efficient transfer of assets to your beneficiaries. However, trusts are often more complex and expensive to set up than wills.

Here's a table summarizing the key differences:

Feature	Will	Trust
Purpose	Distributes assets after death	Manages and distributes assets, potentially during your lifetime and after death
Probate	Required	Typically avoids probate
Cost	Generally less expensive to create	Generally more expensive to create
Complexity	Less complex	More complex
Control	No control after death	Potential for ongoing control depending on the trust type
Privacy	Public record during probate	Generally private
Timing	Takes effect after death	Can take effect immediately upon creation

Choosing between a will and a trust depends on your individual circumstances, the size and complexity of your estate, and your goals for asset management and distribution. Consulting with an estate planning attorney is essential to determine the best option for your needs.