What is a private trust and how is it different from a will?

What is a private trust?

A trust is a private legal entity that holds assets for the benefit of beneficiaries. Unlike a will, a properly funded trust has several key advantages:

Avoids Probate: Assets in a trust bypass the public, costly, and time-consuming probate court process.

Is Private: A will becomes a public record when filed in probate. A trust remains a private document.

Manages Assets During Incapacity: A trust can manage your affairs if you become unable to do so, whereas a will only takes effect after death.