When preparing your estate plan, one of the most important questions that you’ll need to consider is whether you should draft a will, create a trust or utilize both tools together. There is no “one-size-fits-all” approach that makes sense for everyone, so you’ll need to consider your unique goals and circumstances carefully.
The “right” approach for you and your loved ones should be influenced by your family’s needs, the types of assets you own and your long-term goals for your loved ones. Both wills and trusts can help in distributing assets and protecting your legacy, but they function differently and offer distinct advantages.
How wills and trusts differ
A will is a legal document that can outline how you want your property distributed after your death. It also allows you to name a guardian for minor children and appoint an executor to carry out your instructions. A will is generally easier and less expensive to create than a trust, making it a common starting point for many families. However, wills must go through probate—a court-supervised process that can be time-consuming, public and costly depending on your state’s procedures and the complexity of the estate.
A trust, on the other hand, is a legal resource that holds your assets for the benefit of your chosen beneficiaries. One of the biggest advantages of a trust is that it avoids probate. Assets placed in a properly funded trust pass directly to beneficiaries without court involvement, which can save time, reduce legal fees and maintain privacy. Trusts also offer greater control over how and when assets are distributed, which can be especially helpful if you have young children, a blended family or beneficiaries with special needs.
How wills and trusts can be used concurrently
Using both a will and a trust can offer the most comprehensive protection. This approach is common in more complex estate plans. The trust manages and distributes most of the estate assets, while the will—often called a “pour-over will”—handles any assets that weren’t transferred into the trust before death and ensures they are added to the trust. This way, nothing is left unmanaged or subject to unintended distribution.
Do you want to simplify the inheritance process? Avoid probate? Protect minor children? Provide long-term financial support? A skilled legal team can guide you through your options, help you understand how each tool works and design a plan tailored to your unique family circumstances. By making informed decisions now, you can protect your loved ones, preserve your assets and better ensure that your wishes are honored with clarity and care later.