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What's the difference between a Will and a Trust?

Answer

A Trust takes effect the minute it is signed and a Will does not take effect until after you die.  This makes a Will more vulnerable to a legal challenge because you are not around to defend your wishes and/or your partner's right to inherit your property under your Will.  On the other hand, a Trust is immediately valid, is revocable and is not subject to probate.  For more about the Will and Trust, read our Estate Planning Workbook.