What is the difference between a will and a trust?

A will is a legal document that specifies how your assets should be distributed after you die. It goes through probate, a court-supervised process that can be time-consuming and public. A will only takes effect upon death. A trust is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries. A living trust takes effect immediately and allows assets to pass to beneficiaries without going through probate, keeping the process private and often faster. Trusts can also provide more control over how and when assets are distributed, such as setting conditions for beneficiaries. Many people use both documents together, as a will can also name guardians for minor children, which a trust cannot do.