What is the difference between a will and a trust?

A will is a legal document that outlines how you want your assets distributed after your death, but it must go through probate, a court-supervised process. Generally, a trust lets you place assets into a legal entity managed by a trustee, allowing them to be distributed without going through probate, often more quickly and privately. Trusts can also take effect during your lifetime, while a will only takes effect after you die.