Trusts vs. Wills: Which Is Right for Your Estate?

When it comes to estate planning, two of the most common tools are wills and trusts—and while they both serve an important role, they’re not the same thing. If you’ve ever wondered which option makes the most sense for your situation, you’re not alone.

Many families want to ensure their loved ones are protected, their wishes are honored, and the process of settling their estate is as smooth as possible. This guide breaks down the key differences between wills and trusts to help you better understand which might be the right fit—or if you could benefit from having both.

What Is a Will?

A will (or "last will and testament") is a legal document that outlines how your assets should be distributed after your death. It also allows you to:

• Name an executor to manage your estate

• Designate guardians for minor children

• Express specific wishes for personal belongings

Wills must go through probate—a legal process where the court validates the will and oversees distribution. This process can take time and, in some cases, become public record.

What Is a Trust?

A trust is a legal entity that holds your assets and is managed by a trustee—either you while you're alive or someone you name. There are different types of trusts, but the most common for estate planning is a revocable living trust. It allows you to:

• Manage your assets during your lifetime

• Designate who inherits what, and when

• Avoid probate altogether for assets held in the trust

Because trusts don’t go through probate, they can offer more privacy, efficiency, and control over how and when assets are distributed.

Key Differences: Will vs. Trust

Feature	Will	Trust
Goes into effect	After death	Upon creation (and can continue after death)
Probate required?	Yes	No (if properly funded)
Covers	Only assets in your name	Only assets placed in the trust
Privacy	Public record (after death)	Private
Ability to manage assets	No	Yes (can manage and distribute over time)
Useful for minor children	Yes (naming guardians)	Limited (best used alongside a will)
Cost and complexity	Generally less expensive upfront	More complex and costly upfront

So, Which One Is Right for You?

A Will Might Be Right For You If...

• Your estate is relatively simple

• You want to name a guardian for minor children

• You're looking for a basic, lower-cost option to start

A Trust Might Be Right For You If...

• You want to avoid probate and keep things private

• You have more complex assets (like property in multiple states)

• You want to control how and when assets are distributed (e.g., over time or at certain ages)

• You want to plan for incapacity and ensure seamless asset management

Can You Have Both?

Yes—and many people do. A common approach is to have a revocable living trust for managing and distributing most assets, and a “pour-over” will to cover anything that wasn’t placed in the trust. This helps ensure nothing is left out of your plan.

The Bottom Line

Whether you choose a will, a trust, or both depends on your personal goals, your family dynamics, and the complexity of your estate. The most important step is making sure you have a plan in place that reflects your wishes and protects your loved ones.

Estate planning doesn’t have to be overwhelming. With the right approach, you can create a clear, effective plan that brings peace of mind—now and for the future.