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What is the difference between a will and a trust, and which one should I use for estate planning?

Posted by jobseeker Garima Rajput | Approved
Answers (1)

A will and a trust are both essential estate planning tools, but they serve different purposes.
'Will' will be effective only after your death, whereas 'Trust' can take effect during lifetime.
Will must go through the probate which is time consuming, whereas trust can pass directly to the beneficiaries. There is no privacy in the 'Will' as public record is submitted because of probate, whereas trust ensures privacy.

Consulting an estate planning professional is recommended to tailor your plan to your family, assets, and goals.

Answered by jobseeker Komal Madaan | Approved

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