What is the difference between a will and a trust?
Although both will and trust are both revocable and modifiable, a will has to be recorded and filed with the country and it becomes public information. You have a personal representative who has to probate your assets and file accountings with the court. The court also has to approve the final distribution before the estate is closed. With a trust, a trust is a completely private document. It provides great control and creativity, whereby you can determine how and when your beneficiaries receive their portion of your estate. It’s also a way to avoid probate and make for immediate distribution of your assets to your beneficiaries without having a waiting period.