Do You Need a Trust or a Will? A Simple Guide

If you're beginning your estate planning journey, one of the first questions to consider is whether you need a will, a trust, or both. Many people search for an estate planning attorney to help guide this decision, but it helps to understand the basics first.

This guide breaks down the key differences between a will and a revocable living trust to help you make informed choices about asset protection, inheritance, and how to avoid probate.

What Is a Will?

A will is a legal document that outlines your wishes for how your property and assets should be distributed after death. It can also name an executor to manage your estate and a guardian for any dependents.

Advantages of a Will:

• Simple and affordable to create
• Works well for straightforward estates

Disadvantages:

• Must go through probate court, which can be time-consuming and public
• Assets are not automatically transferred

Many people ask: "What's the difference between a will and a trust?" That's where trusts come in.

What Is a Trust?

A revocable living trust is an arrangement that allows a trustee to manage your assets during your life and distribute them after death, without court involvement.

Advantages of a Trust:

• Helps avoid probate
• Keeps your financial affairs private
• Offers better control over inheritance timing and terms
• May offer tax advantages for high net worth individuals

Disadvantages:

• Higher cost to set up
• Requires you to retitle assets into the trust

Trust vs Will: Which Should You Use?

For many people, the answer is both:

• Use a trust for major assets like real estate or investment accounts
• Use a will for everything else and to appoint guardians

If you're unsure, speak with a qualified estate planning attorney near you to evaluate your needs, especially if you have complex family dynamics, significant assets, or want to minimize estate taxes.

Bottom Line

A will is a good start. A trust offers additional benefits — especially if your goals include avoiding probate, ensuring privacy, and protecting loved ones from delays.

Choosing the right tools now can save your family time, money, and stress later.