What’s the difference between a will and a trust?

Both a will and a trust are important estate planning documents that serve different purposes but can work together to ensure a complete and legally sound estate plan. A primary difference between the two is that a will goes into effect only after the death of the individual it was written for, whereas a trust goes into effect as soon as it is written. The will directs who will receive the property upon the death of its owner and appoints a legal representative to carry out their wishes. A trust, however, can be used to start distributing property before death as well as after. It acts as a legal arrangement where an individual or institution called a trustee holds legal title to property for another person (the beneficiary).

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