Will vs. Trust: What's the Difference?

Disclaimer: This is educational information, not legal advice. Every situation is unique. Consult with a qualified estate planning attorney before making decisions.

The Quick Answer

A will tells the court what you want to happen after you die. A trust holds your assets and distributes them according to your instructions, often without involving a court at all.

Most people need a will. Some people also benefit from a trust. Very few people need a trust instead of a will. Here's how to think about it.

What a Will Does

A will is a legal document that does three main things [1]:

It names who gets your assets (your beneficiaries). It names who manages the process of distributing those assets (your executor). And if you have minor children, it names who you want to raise them (their guardian).

A will only takes effect after you die, and it goes through a court-supervised process called probate [3]. Probate is how the court validates your will, pays your debts, and ensures your assets go where you directed.

What a Trust Does

A revocable living trust is a legal arrangement where you transfer ownership of your assets into the trust during your lifetime [2]. You typically serve as your own trustee (manager) while you're alive, so nothing changes about your day-to-day life.

When you die, the person you've named as successor trustee distributes your assets according to your instructions, without going through probate.

The Key Differences

Probate. A will goes through probate. A trust generally doesn't [3]. Whether probate is a big deal depends on your state. In some states it's relatively quick and inexpensive, while in others it can take months and cost thousands [5].

Privacy. A will becomes a public record when it goes through probate. A trust remains private.

Incapacity. A will only works after you die. A trust can include instructions for managing your assets if you become incapacitated during your lifetime.

Cost. A basic will is significantly cheaper to create than a trust [4]. Trusts require more attorney time and involve transferring your assets into the trust (called "funding").

Flexibility. A revocable trust can be changed during your lifetime, just like a will.

When a Will Is Enough

For most people, especially those early in life, with modest assets, or without property in multiple states, a will is the right starting point [4]. Paired with a power of attorney and an advance directive, a will covers the core estate planning needs.

When to Consider a Trust

A trust may make sense if you own property in more than one state (to avoid probate in each state), if you have substantial assets, if privacy matters to you, or if you want a plan that covers both death and incapacity in a single document [2].

The Bottom Line

Don't let the trust conversation stop you from getting a will. The biggest risk isn't choosing the wrong document. It's having nothing at all.