A trust and a will are both estate planning tools, but they serve different purposes:

A Trust:
Function: Manages and distributes assets during your lifetime and after death.
Probate: Typically avoids probate court proceedings.
Privacy: Generally private, as it doesn't become public record.
Control: Allows for ongoing control and flexibility over assets.
Cost: Can be more expensive to set up and maintain.

A Will:
Function: Specifies how assets should be distributed after your death.
Probate: Usually goes through probate, a court-supervised process.
Privacy: Becomes a public record during probate.
Control: Limited control over assets after death.
Cost: Generally more affordable to create and manage.
The choice between a trust and a will depends on your specific needs, assets, and goals for estate planning. Many people use a combination of both to achieve their objectives. It's essential to consult with an attorney to create an estate plan tailored to your circumstances.

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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.