What is the difference between wills and trusts
A Will allows you to choose a person to look after the distribution of your property. In case you don't have a Will, a person appointed by the court, will distribute your assets. A trust generally involves two or may be more people, the grantor, who creates the trust; the trustee, who manages the property for the grantor and one or more people who benefit from the trust.
A Will is a legal document that states your wishes as to how your property is to be distributed after you die. The document must be signed and witnessed in accordance with your state's laws. On the other hand, a trust is a way of transferring your property to a legal entity before your death while you still have the control of it during your lifetime.
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Last Updated on: Fri, 8 Jun 2018