The 5 primary differences between a will and trust:
1) Probate: A will has to go through probate court after the death of the testator (the person who made the will) to distribute the assets to the beneficiaries. In contrast, a properly funded trust allows for the transfer of assets to beneficiaries without the need for probate, which can save time and money.
2) Control: With a will, the testator maintains full control of their assets while they are alive and can make changes to the will at any time. With a trust, the grantor (the person who creates the trust) can maintain control of their assets during their lifetime, but once they pass away, the trustee (the person appointed to manage the trust) takes over and distributes the assets according to the grantor's wishes.
3) Privacy: Wills are public records, which means that anyone can access and read them. Trusts, on the other hand, are private documents and do not have to be filed with the court, which provides greater privacy for the grantor and their beneficiaries.
4) Incapacity: A will only goes into effect after the testator's death, so it cannot provide for the management of the testator's assets in case they become incapacitated. In contrast, a trust can include provisions for the management of the grantor's assets if they become unable to manage them themselves due to incapacity.
5) Flexibility: Wills are typically simpler and less expensive to create than trusts, but they may not be as flexible in terms of estate planning. Trusts offer greater flexibility in terms of providing for the distribution of assets, managing assets during incapacity, and providing for future generations.
