Will vs. Trust: Choosing the Right Path for Your Legacy

Estate planning is often described as “just write a will,” but that advice oversimplifies a complex subject. Wills and trusts are both powerful tools, yet they serve different purposes. Understanding how each works is the first step to creating a legacy plan that protects family members, minimizes conflict, and reduces unnecessary cost.

What a Will Does

A will is a legal document that states who should receive your property after death. It also allows you to:

• Appoint an executor to oversee the process.
• Name guardians for minor children
• Provide instructions for debts, taxes, or personal wishes.

Wills are straightforward to create, but they come with a notable requirement: probate. Probate is a court-supervised process where the will is validated and assets are distributed. While probate provides structure, it can be time-consuming, public, and sometimes costly. For simple estates or families with young children, a will is often the right starting point.

What a Trust Does

A trust is a legal arrangement in which a trustee manages assets for beneficiaries according to rules you set. The most common for estate planning is the revocable living trust.

Advantages include:

• Avoiding probate, which keeps the process private and often faster.
• Providing continuity if you become incapacitated, since the trustee can step in.
• Streamlining management of assets located in multiple states.

Trusts require more upfront work—assets must be formally transferred into them—and they involve greater ongoing maintenance. However, for larger estates or families who value privacy and efficiency, a trust can be a crucial component of the plan.

Key Differences Between Wills and Trusts

• Probate: Wills go through probate; trusts do not.
• Privacy: Wills are public record; trusts remain private.
• Cost: Wills are simpler and cheaper initially; trusts often save time and money later.
• Guardianship: Only a will can name guardians for minor children.

These differences show why neither tool is universally “better.” Each plays a role depending on your priorities.

When Both Make Sense

Many families benefit from using both. A will ensures minor children have guardians and captures any assets not titled into a trust. A trust, meanwhile, keeps property out of probate and ensures smoother management. For example, a retired couple who owns property in multiple states may use a trust to avoid multiple probate proceedings, while also maintaining a will for guardianship and final directions.

Common Mistakes to Avoid

• Assuming a will overrides beneficiary designations—retirement accounts and insurance policies follow their own rules.
• Creating a trust but never transferring assets into it, leaving it ineffective.
• Failing to revisit documents as laws and family circumstances change.

Choosing the Right Path for Your Legacy

Estate planning works best when wills and trusts are treated as complementary, not competing, tools. The choice depends on family structure, estate size, and goals. A strong plan uses these documents to reduce uncertainty and provide clarity, ensuring your intentions are carried out with as little burden on loved ones as possible.