A will is post-death instructions that go public through probate. A trust holds your assets during your lifetime, stays private, and skips probate when you die. Start estate planning in your 20s or 30s and update it as life changes.
So what is the difference between a will and a trust? A will is sort of like a set of directions that tells people where you want your assets to go when you die. Trust, on the other hand, is different. It's a legal tool that's set up to actually hold assets. You can think of it sort of like a wagon. The trust is the wagon and you put all your assets into the wagon. A will takes effect when you die. A trust, on the other hand, you use during your lifetime. You actually put your assets into it, retitle your assets in in the name of the trust. A will has to go through probate court, which is a process where a judge approves the distribution of the assets. Once a will is filed with the probate court, it then becomes a public document. Trust, on the other hand, is a completely private document, and the administration of the assets in a trust after you die avoids probate, and it is done in private. You should start your estate plan early in your 20s or 30s and then update it as things happen during your life. You have questions or you want to fight, let me know in the comments. And if you like this channel, subscribe to it.
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