What Is the Difference Between a Will and a Trust?

Many people assume a will is all they need for estate planning. While a will is essential, a trust can offer additional benefits in certain situations. Here is how the two compare.

How a Will Works

A will is a legal document that takes effect after you die. It directs how your assets should be distributed, names guardians for minor children, and designates an executor. However, a will must go through probate — a court-supervised process that can be time-consuming and public.

How a Trust Works

A trust is a legal arrangement in which you (the grantor) transfer assets to a trustee to manage for the benefit of your beneficiaries. A revocable living trust can be changed during your lifetime and avoids probate entirely, allowing assets to pass directly to beneficiaries.

Key Differences

A will becomes public record through probate; a trust remains private. A trust can provide ongoing management of assets for beneficiaries (like minor children or individuals with special needs), while a will simply transfers ownership. Trusts can also protect assets from creditors in some circumstances.

Which Do You Need?

Many people benefit from having both. A 'pour-over' will can direct any assets not already in your trust to be transferred there upon death. Our estate planning attorneys can help you determine the right strategy for your family and financial situation.