Often, the terms wills and trusts are used as synonyms – with many people assuming that these two words mean the same thing. While there are similarities between these estate planning tools, they serve distinct purposes. The best solution is to talk to an estate planning attorney for information and advice about the right way to prepare for the future.
Differences Between Wills and Trusts
Here are a few differences you need to know about these legal documents:
- Timing: A trust goes into effect immediately when it is created and finalized. On the other hand, a will doesn’t go into effect until after you die.
- Distributing Property: Your will outlines how your propert