Will vs Trust
A detailed comparison to help you choose the right option.
Last Will and Testament
A legal document that specifies how your assets should be distributed and who should care for your dependents after your death.
Advantages
- Simple and inexpensive to create
- Can name guardians for children
- Well understood by most people
- Can be easily updated
Disadvantages
- Must go through probate
- Becomes public record
- No protection during incapacity
- Doesn't avoid estate taxes
Trust
A legal entity that holds and manages assets according to your instructions, providing benefits during life and after death.
Advantages
- Avoids probate
- Maintains privacy
- Provides incapacity protection
- Can reduce estate taxes
Disadvantages
- More expensive to create
- Requires ongoing management
- Must transfer assets to trust
- More complex than wills
Key Differences
- 1Probate: Wills go through probate; trusts avoid it
- 2Privacy: Wills become public; trusts remain private
- 3Timing: Wills only work after death; trusts work during life and after death
- 4Cost: Wills are cheaper initially; trusts cost more upfront but may save money long-term
Which Should You Choose?
Use a will as the foundation of any estate plan — you need one to name guardians and handle assets not in a trust. Add a trust if you want to avoid probate, maintain privacy, have a large estate, own property in multiple states, or need ongoing asset management for beneficiaries.
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