What is the difference between a Will and a Trust?

Wills are simpler documents that let you name guardians for kids and pets, designate where assets go, and specify final arrangements. Wills offers more limited control over the distribution of assets and often must go through a probate process after death.

Like a Will, a Trust also controls the disposition of assets but provides greater control over when and how your assets are distributed. Trusts only apply to assets held in the Trust, so you will need to transfer assets to the Trust. This makes a Trust a little more complex to set up, but it brings a major benefit. Trusts are also often used to minimize or avoid probate entirely, which can be a huge draw for many and justifies the additional work upfront needed to create a Trust.

Both are ways to say who will receive your assets. Each have different ways of distributing those assets, as well as different advantages and disadvantages.