A will is a legal document that takes effect after your death. It specifies how you want your assets distributed and allows you to name a guardian for minor children. Wills must be signed and witnessed according to your state’s laws, and they are filed with a probate court after your death. Probate is a public process, meaning anyone can access the details of your will, and the court oversees the settlement of your estate. While this might sound complicated, a will is often the simplest and most affordable option, especially for smaller estates with few complications.
A trust allows someone, called a trustee, to manage and eventually distribute your assets according to your instructions. This can be beneficial if you want to control how your heirs receive their inheritance, such as in stages or at a certain age. Trusts can be used to support minor children, care for a loved one with special needs or protect assets for someone who may not be financially responsible.
Because trusts bypass probate, they can speed up the transfer of wealth, reduce legal costs and keep your financial affairs private. However, setting up a trust can be more expensive and time-consuming than creating a will, so it’s important to align your plans with your goals.
Understanding trusts
There are two main types of trusts. Both can be in effect while you are still alive and can continue after your death. A revocable trust, also called a living trust, can be changed or canceled during your lifetime. It offers flexibility but does not protect assets from estate taxes if your estate exceeds the federal exemption, which is $13.99 million in 2025, adjusted annually for inflation. An irrevocable trust cannot be changed once created. It removes assets from your taxable estate and can provide strong protection from creditors, but it requires you to relinquish control of the assets permanently. Upon your death, a revocable trust automatically becomes irrevocable.
Choosing the right approach
If your estate is small and your wishes are straightforward, a will may be all you need. However, if your situation is more complicated, or if you desire greater control, privacy or protection, you may choose to utilize both a will and a trust.
If you have a trust but no will, some assets may be distributed under state intestacy laws. This means that your surviving spouse or closest relative would typically, though not always, inherit all your assets, even if your trust specifies otherwise. Together, a will and a trust create clarity, protect your family and carry out your wishes more effectively.
However, estate planning is not one-size-fits-all. Consult with an experienced estate planning attorney to create documents tailored to your needs, your family and your long-term goals.