What is the difference between a will and a trust?
The main difference is which system controls if you become incapacitated or die – the government’s court system or your own, private system. A will is like a letter to the judge: “Dear Judge, When I die, this is who I want in charge and where I want my stuff to go.” Wills are “probated” in the court system. A trust is a private rulebook written by you. If done properly, the court is not involved in the trust process at all, and your named people simply follow what you have written in your rulebook
Read the entire article at Q&A with Alex Kincaid!