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What You Should Know About This Year

How a Will is Different From a Trust

If you do your research you will find that the life expectancy of an adult is more, which means they have enough time to create an estate plan which will take care of them. One needs to know that there are two estate plan tools namely will and a trust, and it is important to find 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. One has to know that both a will and a trust can protect their property, but they do that in different ways. Distributing your assets will be different when you understand the things that differentiate a will and a trust. Therefore, the discussion below is on the difference between a will and a trust.

A thing that makes a will different from a trust is that it provides information on how one property should be distributed when they are not alive. 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. There can be some specific directions on your will; hence, one should find more about it.

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. One needs to understand is that the executor can only distribute the assets depending on the instructions provided in the will. 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.

The people that have access to trust are different from those of a will, and this is also a thing that makes them different. Only the executor and the beneficiary will know the content in a trust, unlike a trust. A will has always been accessible by the public as long as it has been 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.