Will Vs Trust Chart

Will Vs Trust Chart. Regardless of the size of your assets or the complexity of your financial situation, deciding whether to create a trust along with a will is an important decision that should be discussed with an estate planning attorney. And when you become incapacitated or die, the person you appoint as the successor trustee can easily step in.

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In other words, the trustee is either someone the trust maker appoints or the actual trust maker. A grantor is an individual who establishes a trust. A declaration regarding the management and distribution of the testator's assets after his demise is known as Will.

A will is a written document that details an individual's wishes.

A will lays out your wishes for after you die.

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For one thing, a will typically must go through the probate process, which can be time-consuming and expensive. It also allows more flexibility in how the money is paid out. Probate takes a long time, can be very expensive, and for most estates, isn't necessary.