Will Vs Trust – What are the Major Differences?

  • The terms ‘Last Will and Testament’ and ‘Trust’ are what most people have heard about, although few actually know how the two are different from each other. In essence, both of these are assistive for estate planning and serve varied purposes and can also work together for the development of a full estate plan. Know about some of the major differences between a Will and Trust. For more information about getting last will and testament in Alaska, please visit this website.

    Type of property covered

    A will can cover any type of property that you are the sole owner of, at the time of demise. It does not offer cover to any property that is held in a trust or joint tenancy. On the other hand, a trust only covers the property that has been shifted to the trust. If you want your property to be there in a trust, it has to be placed in the trust’s name.

    Probate

    A Last Will and Testament legal document passes through probate. In other words, the will’s administration is overseen by a court. This ensures the validity of the will, and that the property would get distributed exactly how the deceased liked to have. A trust, on the other hand, passes outside probate. Thus, a court does not have to supervise the entire process – which can help save money and time. A trust may stay private, as compared to a will that is part of the full public record.

    Guardianship of minors

    With a will, you can specify your funeral arrangements and name a guardian for your kids. This is impossible with a trust. You can use a trust to make disability plans or to offer tax savings. It is a good idea to consult a lawyer to get guidance on how to use a trust and a will in the best possible way for your estate planning purpose.

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