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Wills vs. Trusts -- A Simple Chart Comparison
Some people have Wills. Others have Trusts. Trusts contain a Will. What’s the difference?
Both are estate planning tools that direct the distribution of your estate upon your death. As explained in Investopedia:
“A will is a written document expressing a deceased person's wishes, from naming guardians of minor children to bequeathing objects and cash assets to friends, relatives, or charities. A will becomes active only after one's death. A trust is active the day you create it, and a grantor may list the distribution of assets before their death in it, unlike a will.”
You’ll find a good description of the difference between Wills and Trusts on a website called “the balance”:
https://www.thebalance.com/difference-between-a-will-and-a-trust-3974765
Nolo Press has prepared a chart to show the differences between a Living Trust and a Will:
REVOCABLE LIVING TRUSTS | WILLS | |
| Name beneficiaries for property | Yes | Yes |
| Leave property to young children | Yes | Maybe |
| Revise your document | Yes | Yes |
| Avoid probate | Yes | No |
| Keep privacy after death | Yes | No |
| Requires a notary public | Yes | No |
| Requires transfer of property | Yes | No |
| Protection from court challenges | Yes | No |
| Avoid a conservatorship | Yes | No |
| Name guardians for children | No | Yes |
| Name property mgrs. for children's prop. | No | Yes |
| Name an executor | No | Yes |
| Instruct re payment of taxes & debts | No | Yes |
| Simple to make | No | Yes |
| Requires witnesses | No | Yes |
Source: https://www.nolo.com/legal-encyclopedia/living-trust-v-will.html
There can be substantial complexity in determining which document best suits your needs. You should consult with an Estate Lawyer to discuss your particular needs and the documentation that best serves your goals.
But while there are very substantial differences between Wills and Trusts, for the purposes of registering your Will or your Trust at FamilyAndHeirs.com, there is no difference. Both Wills and Trusts are registered identically on FamilyAndHeirs.com, and the process of adding your account information is identical.
So, yes, you can register your Trust at FamilyAndHeirs.com with the same ease as your Will.
