What is the difference between a will and a trust?

What is the difference between a will and a trust?

Attorney Gadi Zohar explains:

A will is a document, as most people think of it, that directs what happens with your property when you die. A trust does the same thing, but it’s much more comprehensive. It also directs what happens with your property while you’re living, and also if you’re incompetent and someone else is taking over your assets on your behalf while you’re living.

Also, one of the most important differences between the two is that a will has to be administered through the court probate process. A trust can be administered privately, so that after someone dies, when a trust is being administered, it can be done quickly, it can be done privately, and in most cases, much less expensive than the probate process.