Jerry Taylor explains that a will is instructions for distributing assets after death through public probate court, while a trust is a legal entity that holds and manages assets privately during and after your lifetime, avoiding probate entirely.
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. A will has to go through probate court, which is a process where a judge approves the distribution of the assets. The administration of the assets in a trust after you die avoids probate, and it is done in private.
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