⚖️ Will vs. Trust: What’s the Difference and Which Do You Need?
If you’re thinking about estate planning, one of the first questions you’ll face is this:
Do I need a will, a trust—or both?
Wills and trusts are the two most common estate planning tools, but they serve different purposes and offer very different benefits. Choosing the right one depends on your goals, your assets, and your family’s needs.
In this guide, we break down the difference between a will and a trust, the pros and cons of each, and when it makes sense to use both.
📜 What Is a Will?
A Last Will and Testament is a legal document that states how your assets should be distributed when you die. It also allows you to:
Name guardians for minor children
Appoint an executor to manage your estate
Provide basic instructions for property division
But a will must go through probate—a court-supervised legal process—which can be slow, public, and expensive.
Pros of a Will
Simple and cost-effective to create
Names guardians for children
Covers all probate assets in one document
Easy to update as circumstances change
Cons of a Will
Must go through probate (public court process)
No help if you become incapacitated
Doesn’t cover assets held outside of probate (like beneficiary accounts or joint property)
Can be contested in court
🏦 What Is a Trust?
A trust is a legal arrangement where a trustee holds property for the benefit of someone else. The most common type is a revocable living trust, which you can change or cancel during your lifetime.
With a trust, you:
Transfer assets into the trust
Manage them during your life (as trustee)
Name a successor trustee to take over if you become incapacitated or pass away
Trusts are powerful because they avoid probate, offer privacy, and can manage assets during incapacity.
Pros of a Trust
Avoids probate entirely
Offers privacy (unlike a will, which becomes public record)
Effective immediately upon incapacity or death
Can include detailed instructions for minor beneficiaries, pets, or special needs care
Helps reduce the chance of family disputes
Cons of a Trust
More complex and expensive to create
Requires asset funding (you must retitle accounts and property into the trust)
Doesn’t name guardians (you still need a will for that)
Will vs. Trust: Quick Comparison
Goes Through Probate?
Will: Yes
Trust: No
Effective if Incapacitated?
Will: No
Trust: Yes
Public or Private?
Will: Public record
Trust: Private
Names Guardian for Children?
Will: Yes
Trust: No
Handles Out-of-State Property?
Will: May require multiple probates
Trust: One plan can cover all
Cost to Create:
Will: Lower
Trust: Higher (but saves later)
Do I Need Both a Will and a Trust?
In many cases, yes.
A comprehensive estate plan often includes both:
A trust to manage and distribute assets without probate
A pour-over will to catch any assets that weren’t transferred into the trust—and to name guardians for minor children
If you have young kids, multiple properties, or simply want to avoid probate, a trust is often the smarter long-term move.
When a Will Might Be Enough
You have minimal assets or only a few beneficiaries
You’re early in your career or just getting started financially
You’re not concerned about probate delays or privacy
You don’t own real estate
Just remember: if you become incapacitated, a will won’t help. That’s where a trust and power of attorney step in.
When a Trust Makes More Sense
You own a home or investment property
You want to avoid probate and court involvement
You have blended family or inheritance concerns
You need long-term control over how heirs receive assets
You want privacy and faster asset distribution after death
🧠 Final Thoughts
Wills and trusts aren’t either/or tools—they serve different purposes and often work best together.
If you’re not sure which is right for your situation, a short estate planning consult can provide clarity—and peace of mind.
Hurley Law Group
Estate Planning for Families, Professionals & Small Business Owners
📞 308-383-1867
🌐 hurleylawgroup.com
✉️ eric@hurleylawgroup.com