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. Many people think that a will and a trust have the same meaning, and such people need to know that they are completely different things. The purpose of a will and that of trust are different, and this is something one needs to have more information about. One has to know that both a will and a trust can protect their property, but they do that in different ways. 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. A trust is living since it provides a plan on how a third party can help manage 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. 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. A will needs to have some instructions so that they can guide the executor while distributing the assets. 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. One needs to know that the content in trust has always been confidential, and that means it can only be accessed by an executor or beneficiary. 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.