What is the main difference between a trust and a will?

The main distinction that makes the selected answer accurate lies in the nature of how trusts and wills function regarding asset management and distribution. A trust is a legal arrangement that allows an individual (the grantor) to manage their assets during their lifetime and dictate how those assets will be handled after death. This means that trusts can facilitate ongoing management of assets for beneficiaries and can provide immediate benefits before the grantor passes away, hence allowing for a level of control and flexibility that extends beyond just after death.

In contrast, a will primarily serves as a legal document that outlines how assets are to be distributed post-death and does not have the capability to manage assets during an individual's lifetime. Therefore, while wills are essential for determining the distribution of assets, they lack the proactive asset management characteristics that trusts possess. This fundamental difference distinguishes the two estate planning tools and underscores why the focus on the trust's dual role in managing assets is pivotal.