Difference Between a Will and a Trust
What are the differences between a Will and a Trust?
Wills and Trusts: A Comparison
Wills and Trusts are essential tools for estate planning, each designed to outline how your assets will be distributed after your death. While they share the goal of ensuring your wishes are carried out, they differ in their structure, execution, and benefits.
Wills
- Functionality: Wills allow you to name guardians for children and pets, designate asset distribution, and specify final arrangements.
- Limitations: Wills offer limited control over asset distribution and often involve probate, a legal process that can be time-consuming and costly.
Trusts
- Control: Trusts provide greater control over when and how your assets are distributed, but only if you transfer those assets into the Trust beforehand.
- Advantages: Trusts can avoid the probate process, offering a more streamlined way to manage and distribute assets. This can be a significant benefit.
Deciding on Estate Planning Options
Recognizing the importance of this decision, FastWill aims to equip you with the necessary resources to make an informed choice between a Will-based and a Trust-based Estate Plan.
Choosing the Right Estate Plan:
To help you make an informed decision between a Will-based and a Trust-based Estate Plan, FastWill provides the following information:
- Will-Based Estate Plan: Ideal for those seeking simplicity and have a straightforward asset distribution plan.
- Trust-Based Estate Plan: Best suited for those desiring more control over their asset distribution and looking to avoid probate.
Should I get a Will or a Trust—which one is best for me?
Unsure which plan is right for you? Take our quiz to determine the estate plan that best suits your personal circumstances and goals.