A trust may be revocable or irrevocable. A trust can be created during a person’s lifetime and survive the person’s death. A trust can also be created by a will and formed after death.
A trust created in an individual’s will is called a testamentary trust. Because a will can become effective only upon death, a testamentary trust is generally created at or following the date of the settlor’s death. They do not address the management of your assets during your lifetime. They can, however, provide for young children and others who would need someone to manage their assets after your death.
Whether you need to use a Will or Trust depending on overall facts and your property. Contact me if I can assist.