A last will and testament and a trust are two important legal documents that are often confused. A will is a legal document that explains how you want your affairs handled and assets distributed after your death. On the other hand, a trust is an agreement by which a grantor gives a trustee the right to maintain and manage assets for the benefit of a specific purpose or person. The main difference between the two is in how and when they come into effect.
A will does not take effect until after your death, while a living trust is active once it's created and funded. When it comes to protecting loved ones, having both a will and trust is essential. A final will and testament is a legal document that stipulates how to distribute your assets after your death. A final will and testament, or will, is an important element of a comprehensive estate plan, but there are important differences in how they work.
An important distinction between 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 testament is a legal document that basically details a person's final wishes as to who will inherit their assets after their death. A will, or will, is also a legal document that designates how to manage your assets after your death.