The Difference Between a Will and a Trust | Rogers Estate Planning Lawyer

One of the main differences between a will and a trust is that a will is only active after you pass away.  A trust starts working for you immediately.

A will simply states who gets what and how much and appoints a representative to carry out those wishes.  Wills require probate and aren’t even valid until a judge says it is.

A trust, on the other hand, has an active manager at all times over all the property in it.  You name a successor to manage the trust property on your behalf. This means that if you can’t manage your own affairs somebody you know and trust is in charge of all of your property and money in trust.

You can think of a trust as a contract about how to manage your property while living and distribute it, without the need for probate, later.

Unlike a will, there are very few limitations on the rules you can put in a trust about how your property is to be managed and distributed, including leaving it in trust for your children so the money is protected from their creditors and even divorce.

If you have a trust, a “pour-over” will is highly recommended.  If you forgot to put assets in trust, or there is any question about whether some property is in trust, a “pour-over” will instructs your representative to put that property into the trust.  This requires probate, but it is much simpler.