TED STARR ANSWERS FREQUENTLY ASKED QUESTIONS
In this video blog, you’ll get the answer to this frequently asked question: What’s The Difference Between A Will And A Trust?
Hi, my name is Ted Starr. I’m an attorney in Pinellas Park, Florida and I’m here to answer some questions. The question is What’s The Difference Between A Will And A Trust? There is a big difference between your will document which is typically called your last will or your last will and testament and a trust that you create to own the property to sometimes facilitate the transfer of a property when you pass away. Trust is a form of ownership of property where you hold property in the name of a trust, you transfer property to be owned by the trustee, typically you if you set up the trust but it can be anybody, who is now the controller of the property. When you do your will, you are just stating what will happen when you pass away and not necessarily transferring any asset or changing the ownership of any asset with your will document. But in the trust, you are planning on changing the ownership of your asset in anticipation of your death or sometimes to transfer control of that asset to another person. So a trust is very different from a will. You shouldn’t confuse the two. If you do a trust, sometimes you will do a will as well. We call it a pour over will where you will leave your assets to your trust if you haven’t already transferred them to a trust. So just because you do a trust, you still potentially want to do a will as well. So there is a big difference between a will and a trust and the two are not interchangeable and while you don’t necessarily need a trust, you probably do need a will.