My WishesWills and trusts — the plain difference
People often ask whether they need a will or a trust. They do different jobs, and plenty of people have both.
A will
Takes effect after you die. It's simple to set up and easy to change, but it normally has to go through probate — the court process that proves the will and lets your executor distribute things. Probate is public and can take months.
A trust
A trust is an arrangement where someone (a trustee) holds and manages assets for the people who will benefit. A common kind, a living trust, can take effect while you're alive and continue after death. Because the trust — not you personally — owns those assets, they can pass to your beneficiaries without probate, more privately and often more quickly.
Side by side
| Will | Living trust | |
|---|---|---|
| Takes effect | After death | While living, and after |
| Goes through probate | Usually yes | Usually no |
| Private | Becomes public record | Stays private |
| Cost & effort to set up | Lower | Higher |
| Names a guardian for children | Yes | No — needs a will |
Why have both?
A trust can't name a guardian for your children, and it only covers the assets you actually move into it. So many people use a trust for the big things and keep a short "pour-over" will as a safety net for anything left out — and to name a guardian.
General information, not legal advice. For your own affairs, talk to a qualified attorney. ← All guides