Will vs. Trust

Main Difference

The main difference between Will and Trust is that Will is a legal document that entitles your property to someone you wish at your death, whereas a Trust can distribute your possessions before, after, or at your death.

Will vs. Trust — Is There a Difference?
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Difference Between Will and Trust

Will vs. Trust

A will functions only after the death of the settler, whereas a trust functions either before or after the death of the settler, or right at the moment.

Will vs. Trust

A will is a public thing that allows the court to know all your belongings and run probation. On the other hand, trust is a private thing and does not allow anyone to know what you have and run probation.

Will vs. Trust

The court’s will is required to transfer the titles of assets in a will, whereas no court’s orders are required to entitle the assets in a trust.

Will vs. Trust

A will may leave property to young children, whereas a trust does not transfer the property until the child has turned 18.

Will vs. Trust

A will is a less costly thing requiring a legal representative in the court for the assets distribution process after the death of the settler, while a trust is cost-effective for long term scheduling of legal events.

Will vs. Trust

A will is suitable for reasonably simple estates. Conversely, trust is the best for large complex estates.

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Willverb

To wish, desire (something).

Do what you will.

Trustnoun

Confidence in or reliance on some person or quality.

He needs to regain her trust if he is ever going to win her back.

Willverb

To wish or desire (that something happen); to intend (that).

Trustnoun

Dependence upon something in the future; hope.

Willverb

(auxiliary) To habitually do (a given action).

Trustnoun

Confidence in the future payment for goods or services supplied; credit.

I was out of cash, but the landlady let me have it on trust.
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Willverb

(auxiliary) To choose to (do something), used to express intention but without any temporal connotations (+ bare infinitive).

Trustnoun

That which is committed or entrusted; something received in confidence; a charge.

Willverb

(auxiliary) Used to express the future tense, sometimes with some implication of volition when used in the first person. Compare shall.

Trustnoun

That upon which confidence is reposed; ground of reliance; hope.

Willverb

(auxiliary) To be able to, to have the capacity to.

Unfortunately, only one of these gloves will actually fit over my hand.

Trustnoun

(rare) Trustworthiness, reliability.

Willverb

(archaic) To wish, desire.

Trustnoun

The condition or obligation of one to whom anything is confided; responsible charge or office.

Willverb

To instruct (that something be done) in one's will.

Trustnoun

(legal) The confidence vested in a person who has legal ownership of a property to manage for the benefit of another.

I put the house into my sister's trust.

Willverb

(transitive) To try to make (something) happen by using one's will (intention).

All the fans were willing their team to win the game.

Trustnoun

(legal) An estate devised or granted in confidence that the devisee or grantee shall convey it, or dispose of the profits, at the will, or for the benefit, of another; an estate held for the use of another.

Willverb

(transitive) To bequeath (something) to someone in one's will (legal document).

He willed his stamp collection to the local museum.

Trustnoun

A group of businessmen or traders organised for mutual benefit to produce and distribute specific commodities or services, and managed by a central body of trustees.

Willnoun

One's independent faculty of choice; the ability to be able to exercise one's choice or intention.

Of course, man's will is often regulated by his reason.

Trustnoun

(computing) Affirmation of the access rights of a user of a computer system.

Willnoun

One's intention or decision; someone's orders or commands.

Eventually I submitted to my parents' will.

Trustverb

(transitive) To place confidence in; to rely on, to confide, or have faith, in.

We cannot trust anyone who deceives us.In God We Trust - written on denominations of US currency

Willnoun

The act of choosing to do something; a person’s conscious intent or volition.

Most creatures have a will to live.

Trustverb

(transitive) To give credence to; to believe; to credit.

Willnoun

A formal declaration of one's intent concerning the disposal of one's property and holdings after death; the legal document stating such wishes.

Trustverb

(transitive) To hope confidently; to believe (usually with a phrase or infinitive clause as the object)

I trust you have cleaned your room?

Willnoun

(archaic) That which is desired; one's wish.

Trustverb

(transitive) to show confidence in a person by entrusting them with something.

Willnoun

(archaic) Desire, longing. (Now generally merged with later senses.)

He felt a great will to make a pilgrimage to the Holy Land.

Trustverb

(transitive) To commit, as to one's care; to entrust.

Willnoun

the capability of conscious choice and decision and intention;

the exercise of their volition we construe as revolt

Trustverb

(transitive) To give credit to; to sell to upon credit, or in confidence of future payment.

Merchants and manufacturers trust their customers annually with goods.

Willnoun

a fixed and persistent intent or purpose;

where there's a will there's a way

Trustverb

To risk; to venture confidently.

Willnoun

a legal document declaring a person's wishes regarding the disposal of their property when they die

Trustverb

(intransitive) To have trust; to be credulous; to be won to confidence; to confide.

Willverb

decree or ordain;

God wills our existence

Trustverb

(intransitive) To be confident, as of something future; to hope.

Willverb

have in mind;

I will take the exam tomorrow

Trustverb

To sell or deliver anything in reliance upon a promise of payment; to give credit.

Willverb

determine by choice;

This action was willed and intended

Trustadjective

(obsolete) Secure, safe.

Willverb

leave or give by will after one's death;

My aunt bequeathed me all her jewelryMy grandfather left me his entire estate

Trustadjective

(obsolete) Faithful, dependable.

Trustadjective

(legal) of or relating to a trust.

Trustnoun

something (as property) held by one party (the trustee) for the benefit of another (the beneficiary);

he is the beneficiary of a generous trust set up by his father

Trustnoun

certainty based on past experience;

he wrote the paper with considerable reliance on the work of other scientistshe put more trust in his own two legs than in the gun

Trustnoun

the trait of trusting; of believing in the honesty and reliability of others;

the experience destroyed his trust and personal dignity

Trustnoun

a consortium of independent organizations formed to limit competition by controlling the production and distribution of a product or service;

they set up the trust in the hope of gaining a monopoly

Trustnoun

complete confidence in a person or plan etc;

he cherished the faith of a good womanthe doctor-patient relationship is based on trust

Trustnoun

a trustful relationship;

he took me into his confidencehe betrayed their trust

Trustverb

have confidence or faith in;

We can trust in GodRely on your friendsbank on your good educationI swear by my grandmother's recipes

Trustverb

allow without fear

Trustverb

be confident about something;

I believe that he will come back from the war

Trustverb

expect and wish;

I trust you will behave better from now onI hope she understands that she cannot expect a raise

Trustverb

confer a trust upon;

The messenger was entrusted with the general's secretI commit my soul to God

Trustverb

extend credit to

Comparison Chart

WillTrust
A will is a legal document that transfers all your belongings at once to your desired person or persons after your death.A trust is a relationship in which you authorize another party for your property’s distribution for the benefit of your beneficiaries.
Effect
After the owner’s deathBefore, after, or at the death
Disabled Case
Does not effect until your death even if you are disabledTakes care of all your assets if you are disabled
Privacy
Public documentPrivate document
Court Visit
Necessary to visit the courtNot necessary to visit the court
Public Accessibility
The public knows all your belongingsNo one knows what you have except your trustee
Probation
Probation is a must for your assets’ transferProbation is not compulsory for your assets’ transfer
Cost
Less expensiveMost expensive in the short term and moderate expensive in the long term
Estate Taxes
Cannot reduce estate taxesCan reduce estate taxes
Administration of Assets
Cannot administer assets without the court’s orderCan administer assets without court’s order

Will vs. Trust

A will is defined as a piece of paper that entrusts your property to your wished person after your death with the help of a legal representative. Conversely, trust is defined as giving one’s rights of a part or all property to the trustee, which takes control of legal ownership of a property if the real owner is absent, disabled, or dead.

A will starts its action only after the death of the owner, whereas the trust takes effects right at the moment. A will is not valid until you are deceased, but a trust can make sure to provide full care for your property and your minor children in case you are disabled.

The will does not allow your beneficiaries to manage their assets when they are incapacitated, while trust can manage their assets efficiently. A will entrusts all your property to your children in a lump sum, whereas the trust controls the distribution of your estate.

A will is considered a public document that you have to fill in the court, and everyone knows what you have publicly. On the other hand, a trust is a private document for which you don’t have to visit the court necessarily, and no one knows about your possessions.

It is compulsory for a will to go through probation for the entitlement of your assets or possessions to your beneficiaries. Contrarily, a trust is not probated for the transfer of your belongings to your beneficiaries.

What is Will?

A legally dominated document that manages your matters handled and assets distributed according to your desire after your death is called a will. A will is a public document for which one must visit the court and make one’s assets public, making everyone know about what one has. A will cannot administer assets to the minor beneficiaries without the court’s involvement.

If a person has filled his will in the court and appointed a guardian for his adolescent children, the guardian will be held responsible as the owner of that person’s assets. In case if a person has not appointed guardian for his minor children, his family will suffer in probate court, and a guardian will be appointed whom one does not want to entrust one’s children.

A will is processed through probation, which means that all your possessions and properties are scanned before transferring the titles of your assets to your beneficiaries. Making a will is not a costly process as compared to trust, which requires long estate planning.

A will does not protect an inheritance from the beneficiaries’ creditors and thus does not give you guarantee that all the assets for which you worked damn hard will be given to your children. If a person has a child, grandchild, or any beneficiary who is disabled, he is recommended to trust his property because a will does not secure the disabled person’s assets as they will be either lost or transferred to any other beneficiary.

What is Trust?

A trust is defined as managing your belongings during your lifetime and distributing them efficiently into your beneficiaries after your death. A person can manage the trust himself or can assign any other person, group, or company known as the trustee, for managing his assets.

A trust is a highly private manuscript that does not allow the public to intervene, or know about your possessions. After trusting the assets, the person’s belongings are not probated, and no permission is required to hand over your assets’ entitlement.

The inheritance left to beneficiaries is safeguarded from creditors by a trust. The trust makes sure to handover your original assets to your adult children or future generations. The trust protects the disabled beneficiary’s rights and reduces estate taxes.

A trust is not required to achieve a court’s intervention for the administration of assets to minor beneficiaries. Trust is the ideal way to ensure all the government benefits and payments for non-governmental reimbursements.

Types of Trust

  • Testamentary Trust: A legal body that resides along with your will and effects when you are deceased is called Testamentary trust.
  • Living Trust: A legal entity established and accomplished during your lifetime is called Living trust.

Advantages of Trust

  • No probation is required.
  • It reduces future estate taxes.
  • It ensures the security of the inheritance of disabled beneficiaries.
  • It maintains the privacy of your possessions.
  • It administers your assets without the interference of the court.
  • It is a cost-effective asset scheduling.
Conclusion

A will is a public legal document that makes the beneficiaries get their part in a property after the death of the owner, whereas a trust is a private file that manages the assets any time and acts for the benefit of beneficiaries.