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The main difference between wills and trusts is that wills take effect only after you die, while trusts can take care of your assets while you’re still alive.
Revocable Trust vs. Will: What's the difference? When planning your estate, it's important to understand which option is right for you.
A will is a legal document that defines how affairs are handled and assets distributed after death. A trust is an arrangement whereby a grantor, also called a trustor, gives a trustee the right...
One of the most fundamental choices you can make as you’re thinking about how to pass your assets on to heirs is whether you hold assets in a revocable trust or more simply give them via a will.
A revocable trust offers no protection because you still own the property, while an irrevocable trust can offer some shelter because technically you no longer own what’s inside. But your best option is paying off your debt.
TL/DR: In simple terms, a Will is a legal instruction to the court about what should happen to what you own after you have passed away. A Trust is a contract you make with someone whom you trust about what you own, regardless of whether you have passed away.
Key takeaways. A will is an essential estate planning document, whether or not you have a lot to pass on. A trust can ensure assets go to the intended people after you die, plus you can specify how and when assets are transferred.