What is the difference between a trust and a will?

In this interview, Brian Spitz and lawyers, David Munson, discuss the difference between a trust and a will. 

Excerpt from transcript: 

"There are a couple of different types of trusts. There are trusts that a person sets up during their lifetime that are Living. They start immediately. What can happen is the trustee can start accepting assets into the trust. And what the trustee will start doing is administering the trust according to the terms of the trust.

Now, the grantor, the person who puts the assets into the trust, their subsequent incapacity or their subsequent passing away doesn’t affect the trust. It just continues to go. What you want to do is that if you want to, if the purpose is to avoid probate or allow somebody else to manage your estate during your lifetime for whatever the reasons may be, it’s appropriate to go ahead and set up a trust to allow those things to occur.

At the same time, other types of trusts are trusts that are mentioned in wills. Those trusts don’t become effective or don’t come into play until after a person passes away. I believe the one that we’re discussing at this time, and honestly, they could be either one of them, but most likely, it’s probably the trust that a person sets up while they’re alive." 

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