What is the difference between a Will and Trust?

A Will takes effect after you pass away. Generally speaking, if your estate is valued at over $150,000 or you own real estate in California and you have only a Will, your estate will to go through Probate. A Living Trust is the type of Trust that most people have. A Living Trust is created during the lifetime of the Trust-maker and if the Living Trust is properly funded will avoid Probate upon the death of the Trust-maker.