Key Difference Between Will And Trust

KEY DIFFERENCE BETWEEN WILL AND TRUST WILL Creation

Typically created by an individual and becomes effective upon their death.

Asset Distribution

Assets are distributed through the probate process, which can be time-consuming and expensive.

Cost

Generally less expensive to create compared to a trust.

Control Provides limited control over how assets are managed after death.

Reference

TRUST Creation

Created during the lifetime of the grantor and can be effective immediately or at a specified future date.

Asset Distribution

Assets are distributed according to the terms set forth in the trust document, bypassing probate in most cases.

Cost

Initial setup costs may be higher, but it can save money in the long run.

Control Allows the grantor to specify detailed instructions for asset management and distribution, even after their death.

What’s the Difference Between a Will and a Trust?