Wills vs. Trusts: Which Estate Planning Tool Is Right for You?

Wills and trusts are both essential estate planning tools, but they serve different purposes and work in different ways. Many families benefit from having both as part of a complete plan.

How a Will Works

A will is a legal document that directs how your assets should be distributed after your death and can name guardians for minor children. Wills generally go through probate — a court-supervised process that validates the will and oversees distribution — which can take time and becomes part of the public record.

How a Revocable Living Trust Works

A revocable living trust holds your assets during your lifetime, with you typically serving as trustee. Because the trust — not you personally — owns the assets, they generally pass to your beneficiaries without going through probate, often more quickly and privately.

Which One Do You Need?

Many people benefit from both: a trust to hold major assets and avoid probate, and a 'pour-over' will to catch anything not transferred into the trust and to name guardians for minor children. The right combination depends on your assets, family situation, and goals.

A Living Document

Whichever tool you choose, an estate plan should be reviewed periodically — especially after marriage, divorce, the birth of a child, or a significant change in assets.