A Will is used to dispose of your probate property,
but it has many other functions as well.
A will names the guardian of you children, the executor of
your estate and determines to whom your property passes. If you
die without a will, the state will decide who receives your property
under the intestacy laws, and a probate court judge will decide
who will administer your estate and care for your children.
A Trust is a legal relationship under which
the beneficial and legal ownership are split.
Under a trust agreement, one party (the donor) transfers property
to another party (the trustee) for the benefit of a third party
(the beneficiary). Trusts may be revocable (subject to change)
or irrevocable (not subject to change), and may be funded during
lifetime or after death. Trusts are useful for consolidating and
managing assets in order to avoid a guardianship and to hold assets
for minors or those who are fiscally irresponsible.
A Trust also ensures privacy because, unlike a will, it is not
a public document.