Both a will and a living trust describe who gets your property after you die, but they work differently. The right choice depends on your assets, your family and your state.
What a will does
A will names who receives your property, who serves as executor and, if you have children, who would be their guardian. A will generally goes through probate, the court process of validating the will and settling the estate, which is public and can take months.
What a living trust does
A revocable living trust holds assets under your control during your life and passes them to named beneficiaries after your death without probate. It requires you to retitle assets into the trust, and it usually costs more to set up than a simple will.
How they compare
- Probate: wills go through it, assets in a funded trust typically avoid it.
- Privacy: probate is public, trusts are generally private.
- Cost: wills are cheaper to create, trusts cost more upfront.
- Incapacity: a trust can name someone to manage assets if you become unable to, while a will only works after death.
- Guardianship of children: only a will can name guardians.
Who may want a trust
People with real estate in multiple states, larger estates or a desire for privacy often consider a trust. Many people with modest assets and simple families use a will, together with beneficiary designations on accounts, and keep probate manageable. Many people use both: a trust for assets and a "pour-over" will as a backstop.
Frequently asked questions
Do I need a lawyer to make a will?
Not always. Online services and state forms exist, but a lawyer helps with complicated families, blended households or large estates. Wills must meet your state's signing and witness rules to be valid.
What happens if I die without a will?
Your state's intestacy laws decide who inherits, usually starting with a spouse and children. The result may not match what you would have wanted.