When you take a look at the life expectancy of adults you will realize that they still have time to create estate plans that can take care of them. When you try to find more about estate plans you will find that a will and a trust are two estate plan tools. Many people think that a will and a trust have the same meaning, and such people need to know that they are completely different things. The purpose of a will and that of trust are different, and this is something one needs to have more information about. 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.
Firstly, when you look at the definition of a will you will find that it is a written document that shows how people want to disperse their property after they die. On the other hand, a trust always shows a plan on how a third party should help manage certain assets, and that means trust is living since the third party will be managing 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.
When you take a look at the differences between a will and a trust you will realize that their characteristics make them different. A thing that makes a will different from a trust is that in a will a judge is needed so that they appoint an executor who can always take certain actions even before being approved by the law. The executor that the judge chooses will be the one to distribute the assets, but they can only do that when they are guided by the instructions on the will. A trust is completely different from a will since there will be no need for a judge to appoint a manager, and one can visit this website to read more about it.
The people that have access to trust are different from those of a will, and this is also a thing that makes them different. If you choose a trust it means only the executor and beneficiary will know its content. A will has always been accessible by the public as long as it has been filed. In summation, you will manage to make the right decision when you know more about a will and trust.