Yes, a will is much different than a trust. Both are important parts of building an estate plan, but they operate in different ways.
With a will, you typically just give instructions for how you want your assets to be divided. Say that you have $600,000 in financial assets and three adult children, for example. Your will could simply state that, upon your passing, $200,000 should go to each child.
These provisions are addressed by the estate executor. They assist with estate administration by inventorying your assets, paying creditors and distributing assets to the named beneficiaries.
A trust gives you more control
With a trust, you are setting up a separate fund. You still name a beneficiary, but you also name a trustee who is in charge of that fund. You can then leave instructions for how they should distribute the money, giving yourself a bit more control than you would have with a will.
For example, you could put the $200,000 into a trust for one of your beneficiaries. You could then stipulate that they do not get the money until they turn 30, for example, or that the money can only be used for college tuition expenses. They do not just directly receive the inheritance to use as they wish. Instead, the trustee authorizes payouts based on the plan that you set up in advance.
Often, estate plans will contain both wills and trusts, depending on the goals of the individual who is creating that plan. As you go through this process, carefully consider all of the legal steps you will need to take to create a plan that works well for your family.