What is the Distinction In Between a Will and a Trust?

Both a will and a trust disperse your cash and ownerships after your death. A trust is a will substitute.

It is a legal arrangement in which a person (the trustor) provides ownership of his or her property to a legal entity called a trust, which is handled by one or more trustees.
The trustor can be a trustee, so that she or he still has complete control of his cash and possessions while alive.

The trust lists specific people or institutions as recipients. When the trustor passes away, these beneficiaries get whatever is in the trust.
A significant difference is that the loan, property, and other possessions covered by a will should go through a court procedure called probate before they become the property of the individuals called in the will.

With a trust, the loan, property, and assets that are in the trust do not go through the probate procedure. They are distributed directly to individuals named as beneficiaries of the trust.