A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. You can be the trustee of your own living trust, keeping full control over all property held in trust.
A will, sometimes called a “last will and testament,” is a document that states your final wishes. It is read by a county court after your death, and the court makes sure that your final wishes are carried out. Most people use a will to leave instructions about what should happen to their property after they die. However, you can also use a will to name an executor, name guardians for children and their property, decide how debts and taxes will be paid, provide for pets, serve as a backup to a living trust.