A will and a trust have a lot of the same properties, however, there are a few differences that make either one ideal depending on your personal situation. With regard to a will, it’s a simplified document that allows you to name an executor to your estate in order to handle your affairs after you pass. This document can also specifically name who will take care of your children or pets, where and to whom your assets will be distributed, and detail your final wishes — in particular, what you’d like to happen to your remains. A trust can be a more detailed record with more focus on where, and especially when, all the assets that have been placed in the trust will be divided.
Of the two options, there’s not one that’s particularly more beneficial than the other. Both are legally binding documents and can make the allocation of assets clear so that there are no discrepancies about ownership after you die. However, one clear advantage to having trust over a will is that, unlike a will, your trust will not go through a probate process. The probate process begins after the individual has passed and is meant to verify the validity of the will and executor so that the terms of the will can then proceed. This process can be time-consuming and possibly add extra expenses as well.