Both wills and trusts are important estate planning documents that can be used to govern what happens to your property after your death. Each comes with distinct advantages and disadvantages. It is best to speak to a qualified estate planning attorney who can help you design a comprehensive estate plan—which may include one or both documents—based on your unique situation.
What Are the Main Differences Between Wills and Trusts?
Wills and trusts are both legal documents that allow you to dictate what will happen to your property after you have died. However, there are significant differences.
For example, wills and trusts may begin to take effect at different times. A will has no legal effect until the person who created it has died. A trust, on the other hand, may have immediate legal significance depending on the type of trust used. In some cases, trusts can allow you to protect or begin distributing your assets even during your lifetime.
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