While wills and trusts seem like similar estate planning tools, they aren’t entirely the same. The purpose of a will is to designate how you want your assets to be distributed after you pass away. It may also include information about your end-of-life arrangements and other details.
A trust is different because you transfer assets to a third party—the trustee. The trustee is then responsible for managing and distributing the trust assets as defined in the trust. Trusts avoid probate, which is another key difference between a trust and a will.