Will vs. Trust: Which One Do You Need? Part 1

When creating an estate plan, one of the most common questions people ask is whether they need a will or a trust. Both tools help provide instructions for what happens to your assets, but they work in very different ways.

Choosing the right option depends on your goals, your family dynamics, and the level of control and privacy you want for your estate. In many cases, people benefit from having both.

This guide explains the differences between wills and trusts, including the pros and cons of each, who they are best suited for, and how probate changes depending on your choice.

What Is a Will?

A Last Will and Testament is a legal document that explains how you want your assets distributed after your death. It can also name guardians for minor children and identify the person responsible for handling your estate (your personal representative).

A will only becomes effective after death and typically goes through probate court.

What a Will Can Do

• Name beneficiaries for your assets

• Appoint guardians for minor children

• Name a personal representative (executor)

• Provide instructions for distributing property

• Address distribution of personal belongings and sentimental items

Pros of a Will

Simpler and Less Expensive to Create

Wills are generally easier and more affordable to prepare than trusts.

Allows You to Name Guardians for Children

If you have minor children, a will is the primary document used to nominate guardians for them.

Works Well for Smaller or Simpler Estates

For individuals with limited assets or uncomplicated family situations, a will may provide sufficient protection.

Cons of a Will

Must Go Through Probate

A will usually requires probate court before assets can be distributed.

Probate Is Public

Probate proceedings become part of the public record, meaning financial details may become accessible.

Control After Death

A will generally distributes assets outright and may not provide long-term management or protection for beneficiaries. On the other hand a will can create a testamentary trust to control management and distribution of assets into the future.

What Is a Trust?

A trust is a legal arrangement that allows assets to be managed for the benefit of others. The most common type used in estate planning is a revocable living trust.

With a trust, assets are transferred into the trust during your lifetime and managed by you or another person as trustee according to your instructions.

Unlike a will, a properly funded trust can help assets avoid the need for probate.

What a Trust Can Do

• Manage and distribute assets

• Avoid probate for trust-owned property

• Provide ongoing management for beneficiaries and asset protection for successor beneficiaries

• Protect privacy

• Help plan for incapacity

Pros of a Trust

Helps Avoid Probate

Assets held in a trust typically pass directly to beneficiaries without going through probate court.

Provides More Privacy

Trust administration is usually private and does not become part of the public record.

Offers Greater Control

Trusts can control when and how beneficiaries receive assets.

For example, a trust can delay distributions until a child reaches a certain age or distribute funds over time.

Can Help During Incapacity

If you become unable to manage your affairs, a successor trustee can step in without court involvement.

Cons of a Trust

More Expensive to Set Up

Trusts generally require more planning and legal work to establish than wills.

Requires Ongoing Maintenance

Assets must be properly transferred into the trust for it to work effectively.

Not Always Necessary for Every Person

For some individuals with simple estates, a trust may provide more complexity than needed.

Will vs. Trust Comparison Guide

Feature	Will	Trust
Takes effect	After death	During lifetime and after death
Probate required	Usually yes	Usually No
Privacy	Public record	Generally private
Controls asset distribution	Yes	Yes
Names guardians for children	Yes	No
Helps manage incapacity	Limited	Yes
Cost to create	Lower	Higher
Ongoing maintenance	Recommended	Required

Go to Will vs. Trust: Which One Do You Need? Part 2 to learn more.

This is for educational purposes only. It is not to be construed as legal advice. You should contact competent legal, tax, and financial advisors.