A will and a trust are both estate planning documents. Both allow you to control what happens to your estate after you die. But there are some key differences you should be aware of. A will allows you to name a guardian for a minor child and also allows you to leave specific instructions such as funeral and burial instructions. However, a will cannot transfer title to a house. If you own a home or your estate is valuable, your estate will still have to go through probate even if you have a will. A trust, on the other hand, can transfer title to a house and can distribute a valuable estate without the need for a probate case. But you cannot name a guardian for a minor child or leave special instructions in a trust. Maybe a will is the only document you need. Or maybe you need both a will and a trust. It all depends on your specific situation.
Transcript
A will and a trust are both estate planning documents. Both allow you to control what happens to your estate after you die. But there are some key differences you should be aware of. A will allows you to name a guardian for a minor child and also allows you to leave specific instructions such as funeral and burial instructions. However, a will cannot transfer title to a house. If you own a home or your estate is valuable, your estate will still have to go through probate even if you have a will. A trust, on the other hand, can transfer title to a house and can distribute a valuable estate without the need for a probate case. But you cannot name a guardian for a minor child or leave special instructions in a trust. Maybe a will is the only document you need. Or maybe you need both a will and a trust. It all depends on your specific situation.