What Is the Difference Between a Will and A Revocable Trust?

While these two documents have similar functions, there are important differences. A Will must be submitted to the Court after your passing in order to begin the Probate process of distributing your estate. In most cases where someone has a Will but no Trust, a court order must be issued to gain access to any financial accounts or safety deposit boxes that are solely in your name. On the other hand, a Trust is a living document that goes into effect once you sign and fund it. This allows the Trust to privatize the process of the distribution of your final estate. In other words, having a Trust is a great way to avoid the hassle of the Probate process. A Revocable Trust is also a great way to ensure a degree of discretion and is helpful if your family does not always get along.