What is the difference between Will and Trust?

Will and trust are common words you will hear in terms of passing one’s assets, money, and belongings to an individual or group of people. A will is a legal document to which how an individual divided his or her belongings and assets when he or she passed away. It usually contains all that individual’s assets from their houses (house and lot size), vehicles, and even up to the furniture.

It will only be valid after the demise of the person who created the will with the help of legal advisers. No person written on that will can get their part as long as the person is alive. Trust, on the other hand, is also a legal document where is effective as soon as someone created it. It can be distributed to its beneficiaries in a specific time even though the one who created is still alive.

A will is a legal document that helps describe how a person’s assets and belongings are divided after his or her demise. A will is only effective after the owner of the belonging demise. Trust on the other hand, trust is a legal document that shows an obligation attached to the ownership of a property.

It is simply the transfer of ownership of a property. Trust comes into effect the moment it is made not when the owner of the property dies. Trust only covers the specific asset mentioned in the deed not entire all that a person owns.

Will and trust are somehow related, because they really do have some similarities. Will literally refers to a kind of legal document that specifically states the beneficiaries of someone's property and the specific amount or materials that should be given to an individual. Will always becomes effective after the owner of the property has died, this means the will would have been written by the owner before death comes. Trust, on the other hand means a legal document that shows how the owner of a property is giving out his possessions to people even while he is still alive.

The different property as contained in the document can be distributed to all the beneficiaries even after when the owner has died. Invariably, the difference between will and trust is that, while the former usually takes effect after the death of the owner of the possessions, the latter can take effect before and after the owner of the property has died.