A will, on the other hand, involves the transfer of your assets through probate court. Your assets will be transferred after you pass away without requiring a court-supervised process called probate. will-what is the differrence?Ī trust is different from a will because your assets will be placed into your trust during your lifetime. Explore the different documents in Do I Need More Than a Will? and 4 Essential Estate Planning Documents. There's more to an estate plan than a will. This document grants another person the power to make financial decisions on your behalf if you are unable to do so for yourself. Not to be confused with the last will and testament, a living will is a part of an advance directive that allows someone to make decisions for you if you cannot, especially regarding your health. You can also name a guardian in your trust. Upon your death, your assets will be transferred without requiring probate. However, with trust, your assets are placed into your trust during your lifetime. A living trust is similar to a will because you are laying out your instructions for who will receive your assets upon your death. The primary purposes of a will are to outline your wishes for who will receive your assets upon your death and to choose a guardian for your children in case you and the other parent cannot act.
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