Last Will And Testament

What's the difference between a last will and testament and a living trust?

A last will and testament takes effect only after you pass away and must go through probate — a court-supervised process that can take months and become part of the public record. A revocable living trust, by contrast, takes effect immediately upon signing and allows assets held in the trust to transfer to your beneficiaries without probate. Many families use both: a trust to handle the bulk of their assets and a will (often called a pour-over will) to catch anything not transferred into the trust during their lifetime. Understanding how these two documents work together helps clarify which tools belong in a complete estate plan.