Things to Help Differentiate Between a Will and a Trust
The life expectancy of an adult is many, which is why you find they have time to create an estate plan. When you try to find more about estate plans you will find that a will and a trust are two estate plan tools. If you have been thinking that a will and a trust have the same meaning then you have been wrong the entire time. An important thing that one needs to know about a will and a trust is that they have a different purpose, and one can visit this website to read more about them. 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. The article herein discusses how a will is different from 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. 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. If you choose a will you have to know that it can have some particular directions.
The other thing that makes a will different from a trust is its characteristics, which is why one needs to have more information about their characteristics. 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 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 public can always have access to the content in a will, and this also makes it different from a trust. 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.