The will vs. trust guide helps you decide which estate planning documents you need. Both transfer assets at death, but they work differently — wills go through probate court; trusts bypass it entirely.
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Will vs. Revocable Living Trust Comparison
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How to Choose Between a Will and a Trust
The will vs. trust guide answers the most common estate planning question. Both documents direct where your assets go after you die — but the path they take is very different.
Wills: Simple but Public
A will is a legal document stating who gets your assets after you die. It must go through probate — a court process that validates the will and transfers assets. Probate takes 6-18 months and costs 3-8% of estate value in attorney and court fees. Your will becomes a public record, meaning anyone can look up what you owned and who got it. A will is the minimum estate document everyone should have.
Revocable Living Trusts: More Complex but Private and Fast
A living trust holds your assets while you're alive (you remain in control as trustee) and transfers them to beneficiaries immediately upon death — no court required. This bypasses probate entirely, keeping distribution private and fast. The downside: setup costs $1,500-$3,500 (vs $300-$600 for a will alone), and you must actively transfer assets INTO the trust (called "funding") — unfunded trusts don't avoid probate.
When You Definitely Need a Trust
You should strongly consider a trust if: you own property in multiple states (each would require separate probate), your estate exceeds $200,000, you value privacy, you want to control distribution timing for children, or you have a special needs dependent (requires a special needs trust to preserve government benefit eligibility).
FAQ
Is this will vs trust guide free?
Yes, completely free with no signup required.
Do I need both a will and a trust?
Often yes, especially if you have a trust. A 'pour-over will' catches any assets not transferred into the trust and pours them into it at death. Without a will, those assets go through intestacy laws. Most estate plans use a revocable living trust as the primary document with a pour-over will as backup.
What is probate and why should I avoid it?
Probate is the court-supervised process of validating your will and transferring assets after death. It takes 6-18 months, costs 3-8% of the estate in fees, and is public record. A revocable living trust bypasses probate entirely because trust assets aren't part of your probate estate.
How much does a living trust cost?
An attorney-drafted revocable living trust with pour-over will and related documents typically costs $1,500-$3,500. Online services (LegalZoom, Trust & Will) cost $300-$600 but may not address complex situations. Trusts make financial sense for estates over $200,000 or property in multiple states.
Does a will or trust protect assets from creditors?
A revocable living trust does NOT protect assets from creditors — you retain control so creditors can still reach those assets. To protect assets from creditors, you need an irrevocable trust. Simple wills and revocable trusts are about distributing assets, not protecting them.
Can I change a living trust after I create it?
Yes — that's what 'revocable' means. You can amend, restate, or revoke a revocable living trust at any time while you're alive and competent. An irrevocable trust, once created, generally cannot be changed.