Although both Wills and Trusts determine how you can bequeath your property after your death to your Beneficiaries, they have many differences and serve diverse purposes.
A Will is a legal document that describes your instructions and intentions for how your assets and property are to be allocated after your death. This document must be written, signed and witnessed as dictated by state law. It identifies your individual possessions and names the people to whom you choose to leave them; names an Executor to manage the distribution of your assets; and if necessary, appoints a guardian to raise your children after your demise. After you die, a Will often goes through probate. This process can take several months.
A Trust is a legal relationship in which a Trustee holds property for the benefit of him/herself or of a Beneficiary. It is a form of ownership that holds the assets you have chosen for your benefit. If you have named yourself as the Trustee, after you die, the Trust is passed on to a Successor Trustee who you have originally named in your Trust. Otherwise, the original Trustee is responsible for managing and distributing your Trust assets after your death. Unlike a Will, with a Living Trust, the property held in trust does not go through probate after you pass.
Living Trusts are separate from your Will and are often used in place of a Will to avoid probate. Living Trusts can be revocable or irrevocable, although the former are the more common. A Testamentary Trust, however, is actually connected to your Will and does not avoid probate. This type of Trust is not activated until after your death. After the assets that you have identified for the Trust go through probate they are held in the Trust for your Beneficiaries. You can revoke or change a Testamentary Trust while you are alive. However, after your death, naturally, it is irrevocable.
Estate planning - fundamentals of Trusts and Living Trusts. (n.d.-a). https://www.hg.org/trusts-and-living-trusts.html