Things to Help Differentiate 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. 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. 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. If you are planning to distribute your assets you have to make sure you know how a will is different from a trust. Therefore, the discussion below is on the difference 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. 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. You should know that in a will a judge is always the one who appoints the executor that will distribute the assets, but they can perform the function without 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.
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 summation, you will manage to make the right decision when you know more about a will and trust.
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