A will is a document that you create that distributes assets at your death. A trust is a document that you establish during your lifetime and helps manage your affairs throughout your lifetime and distributing your assets at your death.
A trust is a distinct legal entity you create by signing a trust document. After it’s created, you transfer most of your assets into the trust or have assets pay on death to the trust. You are your own trustee and can change your trust terms at any time during your life. After your death, the trust is managed by the successor trustee that you’ve named and the assets will pass to your beneficiaries.
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