Things to Help Differentiate Between a Will and a Trust
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. We have two estate plan tools available that are a trust and a will; hence, one needs to learn more about them. If you have been thinking that a will and a trust have the same meaning then you have been wrong the entire time. The purpose of a will and that of trust are different, and this is something one needs to have more information about. You should know that a will can protect your property differently from a trust, which is why you should have more details about them. It is essential to have more information about a will and trust so that it is easy to distribute your assets. 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. A thing that makes a trust a living is that it shows a third party can manage your property before you die. Since trust is living one has the chance to decide where their property will go. A thing one should know about a will is that it can have some specific directions, and one should find more about them.
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 thing that can help one differentiate a trust from a will is that in trust there is no need for the presence of a judge.
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. After the will has been filed the public can always be aware of its content. In summary, one needs to understand the differences provided here to know the one that is better for them.