Things to Help Differentiate Between a Will and a Trust
The life expectancy of an adult is many, which is why you find they have time to create an estate plan. One needs to know that there are two estate plan tools namely will and a trust, and it is important to find more about them. If you have been thinking that a will and a trust have the same meaning then you have been wrong the entire time. An important thing that one needs to know about a will and a trust is that they have a different purpose, and one can visit this website to read more about them. You should know that a will can protect your property differently from a trust, which is why you should have more details about them. Distributing your assets will be different when you understand the things that differentiate a will and a trust. Following is the focus on the things to help differentiate between a will and a trust.
Firstly, when you look at the definition of a will you will find that it is a written document that shows how people want to disperse their property after they die. A trust is living since it provides a plan on how a third party can help manage 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 thing that makes a will different from a trust is that in a will a judge is needed so that they appoint an executor who can always take certain actions even before being approved by the law. One needs to understand is that the executor can only distribute the assets depending on the instructions provided in the will. A thing that can help one differentiate a trust from a will is that in trust there is no need for the presence of a judge.
Finally, one should know that the public access to the content of a will makes it different from a trust. One needs to know that the content in trust has always been confidential, and that means it can only be accessed by an executor or beneficiary. A will has always been accessible by the public as long as it has been filed. To sum it all up, you should know what makes a will different from a trust so that you know the right step to take.