A will is a legal document that explains how you want your affairs handled and assets distributed after your death. A trust is a trust agreement by which a grantor (also called a trust) gives a trustee the right to maintain and manage assets for the benefit of a specific purpose or person. A big difference between the two is in how and when they come into effect. Wills don't take effect until you die, whereas a trust goes into effect immediately after you sign and fund it.
A will doesn't take effect until after your death, whereas a living trust is active once it's created and funded. When it comes to protecting loved ones, having a will and trust is essential. A final will and a will or legal document that stipulates how to distribute your assets after your death. A final will and a revocable living trust are considered essential elements of a comprehensive estate plan, but there are important differences in how they work.
An important difference between a will and a will and a revocable living trust is that a will takes effect only after your death, whereas a trust takes effect during your life and after your death. A last will and will is a legal document that basically details a person's final wishes as to who will inherit their assets and assets after their death. A will and will, or will, is a legal document that designates how to manage your assets after your death.
