The Difference Between Trusts & Wills

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Both Trusts and Wills transfer property to another person when there is a death. There are differences between the two of them though and you will need to decide what is best for you.

A Will is a more traditional way thats been used for many centuries. In a Will you identify the property that you own and you name beneficiaries who are to recieve the property when you die. In the Will you can name an executor as well. This person is responsible to make sure that your wishes are carried out to a tee. The drawback to a Will is that they have to go through a court process called probate. That takes time and costs. The upside is that if you have family fueding over things, the court makes sure that the Will is carried out according to your wishes.

Trusts basically do the same thing but usually everything is kept private whereas a Will generally becomes public knowlege. Essentially you are the Trust of your own property during your lifetime. In a Trust you name a Tuccessor Trust and that person is to carry out your wishes such as the distribution of your property.