WHAT ARE THE DIFFERENCES, ADVANTAGES, & DISADVANTAGES BETWEEN WILLS AND TRUSTS?
The differences between wills and trusts create various advantages and disadvantages. The differences are as follows: 1. Date Effective. A will becomes effective and operational only after the testator or testatrix dies. A living or revocable trust becomes effective immediately upon execution. Therefore, a grantor/trustee should begin handling their affairs through the trust immediately. After executing a trust, a grantor needs to fund the trust by transferring his or her assets into the trust. If assets are not transferred to the trust, probate will be required. There are, however, some assets which should not be transferred to the trust 2. Probate. Probate is the court process used to determine that a decedents will is valid, to appoint a personal representative, and supervise the payment of debts and distribution of the decedents property. If there is no will or trust, the probate process also establishes the identify of the heirs according to Florida law. If a person has a trust wi
