Written by Kirstin Hawthorne and Stephanie Faris, Attorney
Wills vs. Trusts: What’s the Difference and Which One Do You Need?
Let’s be real—estate planning isn’t exactly a thrilling dinner table topic. But here’s the thing: having a plan in place isn’t about doom and gloom; it’s about control, clarity, and making life easier for the people you love. Think of it like this: you wouldn’t go on a long trip without a GPS or a backup plan, right? Your estate plan is the same—it ensures your wishes are followed and keeps your family from navigating a legal maze without a map. So, let’s break it down: Wills vs. Trusts—what’s the difference, and which one do you actually need?
Wills: The Basic Blueprint
A will is like leaving behind a letter of instructions. It tells the court (yes, there will be court involvement) who gets what, who’s in charge, and who will take care of your minor kids or pets.
Pros:
Simple and straightforward to create
Allows you to name guardians for children
Specifies how you want assets distributed
Cons:
Goes through probate (a court process that can take months or even years)
Creates many more steps for your executor to sell or transfer your home
Becomes public record (so nosy people can see who got what)
Sends your assets to your adult beneficiaries all at once
Doesn't take effect until after you have passed away
A will is great for ensuring your wishes are legally documented, but it won’t necessarily make things easier or faster for your loved ones after you’re gone.
Trusts: The VIP Pass to Avoid Probate
A trust is like a private rulebook for your assets that kicks into action while you’re alive and after you’re gone. The biggest perk? Unlike a will, a properly funded trust bypasses probate—meaning your loved ones get what you’ve left them without the court’s involvement.
Pros:
Avoids probate after you pass (faster, cheaper, and more private)
Allows your trustee to sell or transfer your home as soon as it's necessary
Gives you more control (e.g., you can delay inheritances, set conditions, and provide for supplemental needs)
Works while you're still alive but need help managing your affairs
Cons:
More effort upfront (you need to transfer assets into it)
Costs more to set up than a simple will
A trust is perfect if you want to make things easier for your family, keep things private, and have more control over how your assets are handled.
So, Which One Do You Need?
If you have any assets, a will is the bare minimum. It ensures your wishes are clear and gives your loved ones legal guidance.If you want to avoid probate and make life easier for your family, a trust is the way to go. It’s especially beneficial if you own property, have kids, or want to control how and when your assets are distributed.
Final Thought: Give Yourself a Voice
We get it—no one wants to think about this stuff. But estate planning isn’t about what happens when you’re gone—it’s about having a say in what happens while you’re here. It’s about protecting yourself if you become incapacitated and ensuring your loved ones aren’t left guessing.
So, take control. Protect yourself, your assets (big or small), and your family. Your future self—and your loved ones—will thank you. Need help figuring out the best plan for you? Let’s chat!
The information in this blog is for informational purposes only, does not constitute legal advice, and does not create a client-attorney relationship.
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