Core Concepts
Trust and Will: Definition
Before choosing a path, it's essential to understand the fundamental legal structures that form the basis of every effective estate plan.
Foundation of Planning
What Is a Will?
A Will, formally called a Last Will and Testament, is an ambulatory legal document that states how a person's assets should be distributed after their death. It provides clarity and legal authority for families.
Asset Distribution
Clearly states how your assets should be shared.
Guardian Designation
Name guardians for minor children or dependents.
Executor Appointment
Designate a person to manage your final estate.
Probate Process
Goes through court-supervised validation after death.
Advanced Protection
What Is a Trust?
A Trust is a legal arrangement where assets are placed under the control of a trustee for the benefit of beneficiaries. It can take effect during your lifetime and avoid probate.
Avoids Probate
Assets transfer directly to beneficiaries without court.
Privacy Protection
Remains private and doesn't become part of public record.
Incapacity Planning
Manage affairs immediately if you become unable to do so.
Asset Control
Specify how and when beneficiaries receive inheritance.
Side by Side
Trust vs. Will: Key Differences
Understanding these differences helps you make informed decisions about your estate planning strategy.
| Feature | Will | Trust |
|---|---|---|
| When it takes effect | Only after death | During lifetime & after death |
| Probate required | ✓ | ✗ |
| Privacy | Public record | Private |
| Incapacity protection | ✗ | ✓ |
| Asset distribution control | Immediate, outright | Gradual, conditional |
| Names guardians for children | ✓ | ✗ |
| Avoids probate costs | ✗ | ✓ |
| Time to distribute assets | Months to years | Weeks to months |
Executor Roadmap
Estate Planning Checklist
Follow these essential steps from our legal guide to ensure your legacy is secure.
Inventory your assets: Identify real estate, bank accounts, and digital assets.
Choose your roles: Name a trusted Executor and a Successor Trustee.
Designate guardians: Essential for families with minor children.
Coordinate with beneficiaries: Ensure your Will and Trust work in harmony.
Update titles: Transfer property into your Living Trust (funding).
Periodic Review: Update your plan after major life events (marriage, birth, divorce).
Common Questions
Frequently Asked Questions
Get answers to the most common questions about Trusts and Wills.