Prompt Title: Wills vs. Trusts.

A will and a trust are both legal documents that are used to transfer assets to heirs or beneficiaries upon the death of the person creating the document. However, there are some important differences between the two:

1. Probate: A will must go through the probate process, which is a court-supervised process for identifying and gathering the assets of the deceased, paying any debts or taxes, and distributing the remaining assets to the heirs. A trust, on the other hand, can avoid probate because the assets are already in the trust and are managed by the trustee.

2. Control: A will only takes effect after the person dies, and the executor named in the will is responsible for carrying out the person's wishes. In contrast, a trust can take effect while the person is still alive and can continue after their death. The person creating the trust (the "grantor") can name themselves as the trustee and retain control over the assets in the trust during their lifetime. After their death, the trust assets are distributed according to the instructions in the trust document.

3. Privacy: A will is a public document that anyone can access once it has been filed with the court. In contrast, a trust is a private document that is not part of the public record and is only accessible to the trustee and the beneficiaries named in the trust.

4. Flexibility: A will is a straightforward document that outlines how the person's assets should be distributed after their death. In contrast, a trust can be more complex and can include specific instructions on how the assets should be managed and distributed. Trusts can also be used to protect assets from creditors, provide for special needs beneficiaries, and accomplish other estate planning goals.

In summary, a will and a trust are both estate planning tools that can be used to transfer assets to heirs or beneficiaries after the person's death. However, trusts can offer more flexibility, control, and privacy than wills, and can also help to avoid the probate process.