What is the difference between a Will and a Living Trust?

A Will is a legal document everyone should have. You want to make sure any assets or possession you leave behind, get passed on to the right people and/or organizations in the right way.

In your Last Will and Testament, you’ll name an executor to make sure your wishes are carried out.

You may be surprised to hear this, but once you die, your Will is not private. It is a public document that goes through the probate process – anyone can read it.

On the other hand, a living trust, also referred to as a revocable living trust, keeps the details of your estate private. And it does not require probate – the process by which a court makes sure your executor does his or her job correctly.

Like a Will, a living trust can be revoked or amended at any time provided you have the capacity to do so.

More on Revocable Living Trusts

FREE REPORT: Should You Add a Trust to Your Estate Plan?