When it comes to estate planning, understanding the difference between a will and a trust is crucial. A will is a legal document that outlines how your assets should be distributed after your death and can designate guardians for minor children. In contrast, a trust is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries, which can take effect during your lifetime or upon your passing. While both serve to distribute your assets, they differ in terms of when they take effect, how they are managed, and the legal processes they follow.