What is the difference between a will and a trust? – Patterson Bray PLLC

Transcript:
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[Music] a will and a trust are both estate planning vehicles that facilitate the transfer of your assets upon your death for example a will is only effective upon your death a will typically requires probate probate is just a court supervised process where a court deems a

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will valid or invalid and then subsequently hopefully governs the transfer of assets to your name beneficiaries under your will once a will is admitted to probate the will becomes part of public record meaning that anybody in the general public can go online look up your will see who is

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inheriting how much and what they’re inheriting for clients of mine that have property in multiple states i always advise that a probate proceeding might have to be initiated in each state where the property is held by contrast a trust is effective during your lifetime and a

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trust also does something that a will does not in that it provides your successor trustee with access to your trust assets in the event of your incapacity and you’re unable to access those assets yourself or manage them yourself a trust also if properly funded meaning if all of your assets are

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payable to your trust or owned by your trust at the time of your death can avoid a probate proceeding lastly with respect to property in multiple states a trust also avoids a multi-state probate proceeding [Music]

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