Here are 15 differences between a Last Will and a Trust:

 1. Legal Document: A Last Will (also known as a Will or Last Will and Testament) is a legal document that outlines your wishes regarding the distribution of your assets after your death. A Trust, on the other hand, is a legal entity created to hold and manage assets during your lifetime and after your death.

2. Activation: A Last Will becomes effective only after your death, while a Trust can be activated during your lifetime (known as a living trust) or upon your death (known as a testamentary trust).

3. Probate: A Last Will generally requires probate, which is a court-supervised process that validates the Will and oversees the distribution of assets. A Trust, if properly funded and structured, can help avoid probate altogether.

4. Privacy: The contents of a Last Will become public records during the probate process, meaning they can be accessed by anyone. A Trust, however, can provide privacy as its terms are generally not made public.

5. Asset Distribution: A Last Will specifies how your assets should be distributed after your death. A Trust, when properly funded, allows you to transfer assets to designated beneficiaries without going through probate.

6. Testamentary Guardianship: A Last Will allows you to appoint a guardian for your minor children. A Trust does not have this provision.

7. Immediate Effect: A Last Will has no legal effect until your death, whereas a Trust can provide for the management of assets immediately upon its creation.

8. Flexibility: A Trust offers more flexibility in terms of managing and distributing assets. You can include specific instructions on how assets should be managed and distributed, even beyond your death, whereas a Will is typically limited to post-death instructions.

9. Cost: Creating a Trust can be more expensive than creating a Last Will due to the legal fees involved in setting up and maintaining the Trust.

10. Speed of Distribution: Assets distributed through a Trust can be transferred to beneficiaries more quickly than those distributed through a Last Will, which may be subject to probate delays.

11. Incapacity Planning: A Trust can provide for the management of your assets in the event of your incapacity, ensuring continuity and avoiding the need for guardianship or conservatorship. A Last Will does not address incapacity.

12. Contestability: A Last Will can be contested in court by disgruntled beneficiaries or family members. A Trust, when properly drafted, can be more difficult to challenge.

13. Property Ownership: A Trust allows you to transfer assets into the ownership of the Trust, whereas a Last Will only designates how assets should be distributed.

14. Asset Protection: Depending on the type of Trust, it can offer asset protection benefits, shielding assets from creditors or legal claims. A Last Will does not provide this level of protection.

15. Continuity: A Trust can provide for the management and distribution of assets beyond your lifetime, ensuring a smooth transition for future generations. A Last Will only covers the distribution of assets at the time of your death.

It's important to consult with an estate planning attorney to understand which option is best suited to your specific needs and circumstances.

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