8 Lessons Learned:

Difference Between a Will and a Trust

If you do your research you will find that the life expectancy of an adult is more, which means they have enough time to create an estate plan which will take care of them. One needs to know that there are two estate plan tools namely will and a trust, and it is important to find more about them. 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. It is true that a will and a trust can protect your property, but a difference comes in on how they protect them. Distributing your assets will be different when you understand the things that differentiate a will and a trust. Following is the focus on the things to help differentiate between a will and a trust.

A thing that makes a will different from a trust is that it provides information on how one property should be distributed when they are not alive. 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. You can always decide where you want your property can go when you choose a trust since you will still alive. If you choose a will you have to know that it can have some particular directions.

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. One needs to understand is that the executor can only distribute the assets depending on the instructions provided in the will. 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.

The public can always have access to the content in a will, and this also 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. After the will has been filed the public can always be aware of its content. To sum it all up, you should know what makes a will different from a trust so that you know the right step to take.

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