How a Will is Different From 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. 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. 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. 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. 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. There can be some specific directions on your will; hence, one should find more about it.
When you take a look at the differences between a will and a trust you will realize that their characteristics make them different. 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 that can help one differentiate a trust from a will is that in trust there is no need for the presence of 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 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.