Discovering The Truth About
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. We have two estate plan tools available that are a trust and a will; hence, one needs to learn more about them. An important thing one should note is that a will and a trust never have the same meaning. 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. Following is the focus on the things to help differentiate 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. On the other hand, a trust always shows a plan on how a third party should help manage certain assets, and that means trust is living since the third party will be managing 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. A thing one should know about a will is that it can have some specific directions, and one should find more about them.
When you take a look at the differences between a will and a trust you will realize that their characteristics make them different. 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. If you choose a trust it means only the executor and beneficiary will know its content. 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.
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