What’s The Difference Between A Will And A Trust?

What’s the difference between a Will and a Trust?

While Wills and Trusts do have a lot of overlap, there are also several differences between the two. Ultimately, both are ways to say who will receive your assets.

One big difference between the two is in how and when they take effect. Wills don’t go into effect until you pass away, whereas a Trust is effective immediately upon signing and funding it.

Whilst a Will is a more straightforward process, it does come with some drawbacks. They offer somewhat limited control over the distribution of assets. They also usually have to go through some sort of probate process after you pass away.

A Trust is a bit more complex, but it can provide greater control over when and how your assets are distributed.

Trusts have one major benefit over Wills. They’re often used to minimize or avoid probate entirely, which is a huge plus for some people.

For more information on how to set up a Trust, please reach out to Michael on 07808 131383 or Sharon on 07796 614741, or you can email us at help@probateni.com.