Asked by Jenny Mclin on May 02, 2024
Verified
What is the difference between a will and a trust?
Will
A legal document by which a person expresses their wishes as to how their property is to be distributed at death, and names one or more persons to manage the estate.
Trust
A fiduciary relationship in which one party holds property or assets for the benefit of another based on an agreement.
- Distinguish among wills, trusts, and advance directives, highlighting their roles in the context of estate planning.
Verified Answer
IT
Ibrahim TounkaraMay 05, 2024
Final Answer :
A will is a legal document that outlines how a person wants his or her property distributed on death. A trust allows a person to transfer property to another person, and this property is used for the benefit of a third person.
Learning Objectives
- Distinguish among wills, trusts, and advance directives, highlighting their roles in the context of estate planning.