Wills and trusts are both legal documents that help manage your assets after you die, but they have some key differences:

A Will:

• Takes effect after death: A will only goes into effect when you die. Until then, you have full control over your assets.
• Distributes assets: A will outlines how you want your assets to be distributed to your beneficiaries after your death. It can also name a guardian for any minor children or appoint someone to manage your affairs if you become incapacitated.
• Requires Probate court: Wills typically need to go through probate court, which can be a time-consuming and expensive process.
• Limits control: Once your will is filed, you have less control over how your assets are distributed than you do with a trust.

A Trust:

• Can take effect immediately: Some trusts (revocable living trusts) can take effect while you are still alive, allowing you to avoid probate for many of your assets.
• Manages assets: A trust can hold and manage your assets while you are alive and after your death. This can provide more flexibility and control than a will.
• Avoids probate: Depending on the type of trust, you may be able to avoid probate court, which can save time and money.
• Provides more control: You can name a trustee to manage your assets in the trust according to your instructions. This can give you more control over how your assets are used than a will.