Both a will and a trust disperse your loan and belongings after your death. A trust is a will substitute.
It is a legal plan in which a person (the trustor) gives ownership of his or her property to a legal entity called a trust, which is handled by one or more trustees.
The trustor can be a trustee, so that he or she still has complete control of his cash and belongings while alive.
The trust lists specific individuals or organizations as beneficiaries. When the trustor dies, these beneficiaries get whatever is in the trust.
A significant distinction is that the loan, property, and other assets covered by a will needs to go through a court process called probate before they become the property of the persons called in the will.
With a trust, the money, property, and possessions that are in the trust do not go through the probate process. They are distributed directly to individuals called as beneficiaries of the trust.