Jun/090
Understanding the differences between Wills and Trusts
Wills and trusts are often confused but they’re really simple to understand if you remember a few simple facts:
A Will only goes into effect after death, while a Trust (or Living Trust as its sometimes known) comes into effect immediately.
Because a Will goes into effect after death, it does nothing to plan for mental disability, while a disability plan can be written right into a Revocable Living Trust.
Property passing under the terms of a Will goes through probate, while property passing under the terms of a Revocable Living Trust avoids probate.
If you are still having difficulty understanding the difference just remember the first point above - a Will can only go into effect after you die, while a Living Trust is just that, “living,” and so it goes into effect as soon as you sign the trust agreement and continues in effect if you become mentally incapacitated and also after you die.
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