Once a person dies, their assets are collectively referred to as their estate. Estate planning in its most basic terms is deciding how you want your property to be divided after you die. Both wills and trusts are useful estate planning devices that serve different purposes, and many times can be used together to achieve a complete estate plan. While there are differences, the main difference between a will and a trust is that the will only go into effect when you die,  while a trust takes effect immediately. The will appoints a legal representative to carry out your wishes as to who will receive your property, whereas the trust appoints a trustee who manages the property for the duration of the trust, which may be years after you die, and distributes some or all of the property to those designated under certain conditions,  in specified amounts, and at particular intervals.