Tag Archives: Wills and Trusts

Wills and trusts are two different legal forms of transferring property. Because of their seemingly subtle differences, many people tend to get wills and trusts confused. Although wills and trusts are two forms of transferring property legally, their differences extend way beyond what they have in common. To diffuse some of the confusion surrounding wills and trusts, it is a good idea to find out a little more about each. A trust is a legal entity or person that can hold title to property for the benefit of one or more other persons or entities. In the creation of a trust, there are three parties involved. These parties are the creator of the trust or the trust maker, the trustee who is responsible for the managing of the assets in the trust property (assets), and the beneficiaries who are those who will benefit from the trust property. The basic concept in trusts and wills are that property will be transferred from one party to another and that is what is happening here essentially. However, because the process and very nature of trusts and wills are so different, the advantages and … Continue reading