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 death and who will care for minor children. It must go through probate — the public, court-supervised process of validating the will and distributing assets, which can take months to years and costs money. A trust is a legal entity that holds assets during your lifetime and distributes them according to your instructions, without going through probate. A Revocable Living Trust is the most common: you remain in control of the assets during your lifetime and can change or revoke the trust at any time. It becomes irrevocable at death and assets transfer to beneficiaries privately and without probate delay. Trusts are particularly useful for those with real estate in multiple states, significant assets, blended families, or beneficiaries with special needs.