A Will and Trust are alternative means of leaving your assets to your loved ones after you’re gone.  Either way, your estate plan will include a set of instructions memorialized in legal documents.

A Trust will be effective as soon as it’s signed, so it may include provisions about your care, the care of your dependents, and how your money and property should be handled in the event of your death or disability.  

On the other hand, a Will only takes effect on your death so the terms will focus on naming someone to wind up your affairs (i.e., gather your belongings for safekeeping, create a list of everything you own, pay your outstanding bills and taxes, and give the remainder to the individuals and charities you have chosen). Because a Will takes effect only at your death, using a will to outline your wishes will likely still require your loved ones to go through the probate process (a court process that can be expensive, time-consuming, and public) to carry them out.

There are many types of trusts, but the most common is the Revocable Living Trust which is an entity that you will use to own your accounts and property during your lifetime by re-titling them in the name of your trust (if they are currently in your sole name) or making the trust the beneficiary if appropriate.  In the beginning, you will probably serve as the Trustee of your own trust, which means you still control how your assets are used.   If you become incapacitated, or you die, someone you have chosen ahead of time will step in as Trustee and continue managing the trust as you have directed, without court involvement. Because the trust is generally the owner or beneficiary of your assets, for probate purposes, you will essentially die without owning anything. Without assets in your sole name, there is nothing to probate and you can avoid that process.

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