A will and a trust are legal documents that help you manage your assets and plan for the future. However, they differ in several ways.
A will is a legal document that outlines how you want your assets to be distributed after you die. It can also include instructions on who should take care of your minor children, how your debts should be paid, and who should be in charge of managing your estate. A will only takes effect after you die, and it must go through probate court, which can be a lengthy and expensive process.
A trust, on the other hand, is a legal arrangement that allows you to transfer ownership of your assets to a trustee. The trustee then manages the assets on behalf of the beneficiaries you have named in the trust. Unlike a will, a trust can take effect during your lifetime, and it can help you avoid probate court. There are many different types of trusts, each with its own set of rules and benefits.
In general, a will is a good option if you have a relatively simple estate and want to ensure that your assets are distributed according to your wishes. A trust is a good option if you have a more complex estate, want to avoid probate court, or want to provide for your beneficiaries over a longer period of time.