Difference between a will and a living trust

Business

1 answer:

aev [14]4 years ago

7 0

Answer:

A will gets into effect after a person dies. trust gets into effect as soon as it is created. The will covers all the property under the individual's name. Trust covers property which has been transferred in the name of the trust.

Explanation:

A will directs who will receive his property after an individual's death. It also appoints a representative to carry out the wishes of the deceased. A trust on the other hand can divide the property before, after or at death.

A will is a document through which a person expresses his wishes about how his property is to be distributed, it can also contain details regarding funeral.

A trust is an arrangement through which property of an individual is held by other individuals or institution.

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