What Is the Difference Between Wills and Trusts?
While wills and trusts both offer a mechanism for distributing estate assets when a person dies, there are a number of key differences between them. Some of the primary distinctions include whether they are subject to probate proceedings, whether they become public record, and their tax treatment. Differences also exist in the management of any assets that are conveyed by a will or trust. In addition, a will is usually cheaper to prepare than a trust. A will can, however, be expensive to probate while a trust usually allows beneficiaries to avoid probate costs.
