How a Will is Different From 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. A thing that makes a will different from a will is that their purposes are different. You should know that a will can protect your property differently from a trust, which is why you should have more details about them. It is essential to have more information about a will and trust so that it is easy to distribute your assets. The article herein discusses how a will is different from a trust.
You should note that a will contains details on how a property should be distributed when 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. An important thing that one needs to know is that a living trust allows you to decide where your property should go and manage your assets when you can’t. If you choose a will you have to know that it can have some particular directions.
The other thing that makes a will different from a trust is its characteristics, which is why one needs to have more information about their characteristics. 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. A will needs to have some instructions so that they can guide the executor while distributing the assets. 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. Only the executor and the beneficiary will know the content in a trust, unlike a trust. 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.