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. 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. It is essential to have more information about a will and trust so that it is easy to distribute your assets. 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. Since trust is living one has the chance to decide where their property will go. 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. 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 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.
Finally, one should know that the public access to the content of a will makes it different from a trust. Only the executor and the beneficiary will know the content in a trust, unlike a trust. A trust is different from a will since the content in a will can be known by the public after being filed. In summation, you will manage to make the right decision when you know more about a will and trust.
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