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What is the Difference In Between a Will and a Trust?

Both a will and a trust distribute your money and possessions after your death. A trust is a will replace.

It is a legal arrangement in which a person (the trustor) provides ownership of his or her property to a legal entity called a trust, which is managed by one or more trustees.
The trustor can be a trustee, so that he or she still has full control of his money and belongings while alive.

The trust lists certain individuals or institutions as beneficiaries. When the trustor passes away, these recipients get whatever remains in the trust.
A significant difference is that the cash, property, and other possessions covered by a will should go through a court process called probate before they end up being the property of the individuals called in the will.

With a trust, the cash, property, and possessions that are in the trust do not go through the probate procedure. They are distributed straight to the people named as beneficiaries of the trust.

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