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. A thing that makes a will different from a will is that their purposes are different. 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.
You should note that a will contains details on how a property should be distributed when 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. 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 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 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. A will needs to have some instructions so that they can guide the executor while distributing the assets. 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.
Finally, one should know that the public access to the content of a will makes it different from a trust. If you choose a trust it means only the executor and beneficiary will know its content. A trust is different from a will since the content in a will can be known by the public after being filed. 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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