What is the difference between a will and a trust?

Great question! Both wills and trusts are important estate planning tools, but they serve different purposes and operate in distinct ways. A **will** is a legal document that outlines how a person’s assets and property should be distributed after their death. It also allows you to name guardians for minor children and specify other final wishes. However, a will goes through a legal process called **probate**, which is a court-supervised procedure to validate the will and oversee the distribution of assets. Probate can be time-consuming, public, and sometimes costly. A **trust**, on the other hand, is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries. There are many types of trusts, but one common type is a **revocable living trust**, which allows you to control your assets during your lifetime and specify how they should be distributed after your death. One key advantage of a trust is that it usually **avoids probate**, meaning the transfer of assets can be faster, private, and potentially less expensive. From a practical standpoint, someone might need a trust instead of just a will if: - They want to avoid probate and keep their estate matters private. - They have a larger or more complex estate, including multiple properties or accounts. - They want to control how and when beneficiaries receive their inheritance (for example, if beneficiaries are minors or have special needs). - They want to plan for incapacity by designating a trustee to manage their assets if they become unable to do so. In summary, a will is simpler and sufficient for many people, especially those with smaller or straightforward estates. A trust offers greater control, privacy, and flexibility, making it a valuable tool for those with more complex situations or specific wishes. Consulting with an estate planning attorney can help determine which option best fits your needs.