The Difference Between a Will and a Trust — and Which One You Need

Wills and trusts are both essential estate planning tools, but they function differently — and serve different goals.

A will takes effect only after your death and must go through probate, a public court process where a judge validates the will and oversees the distribution of your estate. Wills allow you to name an executor, guardians for minor children, and specify who receives your assets.

A revocable living trust, on the other hand, allows you to transfer your assets into a trust during your lifetime. You maintain control of the trust while you’re alive, and upon your death, the assets are distributed without probate. Trusts can also provide more privacy, faster distribution, and better planning for incapacity or complex family situations.

So which do you need? In many cases, both. A trust can help avoid probate, while a will can handle assets not titled in the trust and name guardians. The right structure depends on your goals, your assets, and your family’s needs — and we can help you design the right plan.