The main difference between a trust and a will is that a will disposes of your property while a trust manages your property.  A will does not take effect until you pass away.  A trust takes effect as soon as it is signed and manages property which has been transferred to it.  A revocable living trust can be changed by the person or persons who create the trust, often called the Trustors or Grantors, while they are alive, or under whatever terms the trust stipulates after one or both of the Grantors or Trustors pass away.

A will can also be changed at any time, so long as the person who creates the will, often called the Testator or Textatrix is still alive and has the requisite capacity to execute a will.  A person can also create a trust under a will, which is called a testamentary trust.

Pare Law attorneys and staff are happy to discuss your individual circumstances to help you decide if a will based estate plan or a trust based estate plan would be better for you.