When it comes to protecting your family’s financial future, estate planning is a must — and at the heart of any estate plan are two essential legal tools: wills and trusts. While both are designed to help you manage how your assets are distributed after your death, they work in very different ways, offer different levels of privacy, control, and flexibility, and come with their own legal and tax implications.

If you’re unsure whether a will, a trust, or a combination of both makes sense for you, this guide will walk you through the key differences, benefits, and when you should consider each option.

What Is a Will?

A will is a legally binding document that outlines your wishes regarding the distribution of your property and the care of any minor children upon your death. It allows you to name:

• Beneficiaries of your assets
• A guardian for your minor children
• An executor to carry out your wishes

The process of implementing a will happens through probate, a legal procedure where a court oversees the validation of your will and the distribution of your estate.

Advantages of a Will:

• Simple and cost-effective to create
• Allows you to name guardians for your children
• Covers all property solely in your name without a beneficiary designation

Disadvantages of a Will:

• Must go through probate, which can be time-consuming and expensive
• Becomes a public record, reducing privacy
• Does not provide asset management in the event of your incapacity

👉 Related: What Happens If You Die Without a Will?

What Is a Trust?

A trust is a fiduciary arrangement that allows you (the grantor) to place assets into a legal entity managed by a trustee for the benefit of one or more beneficiaries. Unlike wills, most trusts avoid probate and can go into effect during your lifetime.

Types of Trusts:

• Revocable Living Trust: Can be altered or revoked by the grantor during their lifetime.
• Irrevocable Trust: Cannot be changed once established and offers added protection from creditors and estate taxes.
• Testamentary Trust: Created through instructions in a will and activated after death.

Advantages of a Trust:

• Avoids probate, leading to faster distribution
• Maintains privacy since it’s not a public document
• Manages assets in the event of incapacity
• Can offer estate tax benefits (with irrevocable trusts)

Disadvantages of a Trust:

• More expensive and complex to set up
• Requires ongoing management and funding (you must title assets in the trust’s name)
• Not ideal for one-time, simple asset transfers

👉 Related: What Is a Trust? Types, Benefits, and How They Work

Will vs. Trust: Key Differences

Should You Choose a Will, a Trust, or Both?

A Will Might Be Best If:

• Your estate is modest and straightforward
• You have minor children and need to appoint guardians
• You aren’t concerned about privacy or probate

A Trust Might Be Best If:

• You want to avoid probate for faster asset distribution
• You value privacy in your estate planning
• You have complex assets like multiple properties or business interests
• You want to manage assets in the event of your incapacity

Combining Both

Many comprehensive estate plans include both a will (commonly called a “pour-over will” that moves any remaining assets into the trust upon death) and a trust to cover all legal and practical bases.

Final Thoughts

Choosing between a will and a trust isn’t a one-size-fits-all decision. It depends on your personal circumstances, estate size, privacy preferences, and whether you want to avoid probate. Ideally, consult an experienced estate planning attorney who can help you draft documents tailored to your needs and ensure your loved ones are protected.

Start by listing your assets, considering your family’s situation, and identifying your goals. Whether you choose a will, a trust, or both — taking action now ensures your wishes are honored and your family avoids unnecessary complications later.