What is the difference between a Revocable Trust and a Will?
A will is a document that lays out how your estate is to be distributed at your death. The main difference between a will and a trust is that a will must go through probate process. A revocable trust, on the other hand, is an entity that is separate from the decedent. The trust is “funded” with the assets of the “settlor” (the one creating the trust). On the death of the settlor, the property passes to the “beneficiaries” based on the wishes of the settlor, free of the probate process. The upshot of all of this is that months of hassle, probate procedure, and attorney fees are avoided, and your assets quickly pass on the your loved ones in the manner of your choosing.
