Evaluate the difference between a will and a trust deed?

A will and a trust deed are both legal documents that dictate how a person's assets and property should be distributed after their death, but there are key differences between the two:

1. Control: A will only goes into effect after the person's death, while a trust deed can be created during the person's lifetime and can go into effect immediately or at a specified future date. This means that a trust deed allows for more control over how assets are managed and distributed both during and after the person's lifetime.

2. Probate: A will must go through the probate process, which can be time-consuming, expensive, and public. A trust deed, on the other hand, does not go through probate, which can save time and money and keep the details of the estate private.

3. Flexibility: A trust deed can be more flexible than a will in terms of how assets are managed and distributed. For example, a trust can specify conditions for when and how assets are distributed to beneficiaries, whereas a will typically only outlines who receives what.

4. Asset protection: A trust deed can provide asset protection for beneficiaries, as assets held in a trust are not considered part of the beneficiary's estate and are protected from creditors. A will does not offer the same level of asset protection.

In summary, while both a will and a trust deed serve the purpose of distributing assets after death, a trust deed offers more control, flexibility, and asset protection than a will. It is important to consult with a legal professional to determine which option is best suited to your individual circumstances and goals.