A Will and a Trust are both estate planning tools, but they serve different purposes and have distinct characteristics:

Will

• Definition: A Will is a legal document that outlines how a person's assets and affairs should be handled after their death.
• Probate: Wills typically go through a probate process, which is a court-supervised procedure to validate the Will and distribute the estate according to its terms.
• Public Record: Once probated, a Will becomes a public document, meaning its contents can be accessed by the public.
• Effectiveness: A Will only takes effect after the death of the person who created it (the testator).
• Guardianship: A Will can designate guardians for minor children.

Trust

• Definition: A Trust is a fiduciary arrangement where a trustee holds and manages assets on behalf of beneficiaries.
• Probate: Trusts generally avoid probate, allowing for a more private and potentially quicker distribution of assets.
• Privacy: Trusts are not public records, so the details of the assets and beneficiaries remain private.
• Effectiveness: A Trust can be effective during the lifetime of the person who created it (the grantor) and continue after their death.
• Types: There are various types of trusts, such as revocable (can be altered or revoked by the grantor) and irrevocable (cannot be easily changed once established).

Both Wills and Trusts can be used in conjunction to create a comprehensive estate plan, ensuring that an individual's wishes are respected, and their assets are managed according to their preferences.

If you would like more information about Wills and Trusts, please schedule an appointment with our office at 785-537-8415.

Jerry Shivley

Attorney at Law

Shivley Law Firm, P.A.

427A Poyntz Avenue

Manhattan, Kansas 66502

Phone: (785) 537-8415