Do I Need a Will, a Trust, or Both?

⚖️ Introduction to Wills and Trusts

Estate planning can feel confusing because there isn’t one “right” answer. The right tools depend on:

The good news: you don’t need a law degree to understand the basics. By the end of this guide, you’ll know exactly what each tool does — and which one fits where.

⚖️ What is a Will?

A will is a written document that takes effect only after you pass away.

Benefits of a Will:

A will is the legal document that speaks for you after you pass away. It allows you to clearly state who should receive your property, who should handle your estate, and—most importantly for parents—who should raise your minor children. Without a will, these decisions are made by the court based on state law, not personal preference.

A will also serves as a safety net for anything that falls outside your trust. Assets that were never transferred, recently acquired property, or personal items that were not formally titled still need clear instructions. In addition, a will is the only place where you can legally name guardians for your children and provide guidance on personal belongings, sentimental items, and final wishes.

However, a will does not avoid probate, does not control assets with beneficiary designations, and does not provide protection or decision-making authority while you are alive. It plays a critical role—but it is only one part of a complete estate plan.

Limitations of a Will

A will does not:

Example: If you have a will that leaves your home to your daughter, the court must still validate the will before she can take legal ownership.

Even if you have a trust, you still need a will—specifically a pour-over will—to ensure everything is properly transferred.

⚖️ What is a Trust

A trust is a legal document governing asset transfer, before or after death, to an account managed by yourself or others.

The three main types of trusts are revocable, irrevocable, and testamentary. 

Note: The series focuses on Revocable Living Trusts unless otherwise stated:

A revocable trust (or living trust) is a legal document created during your lifetime to hold and manage your assets, allowing you to control them, avoid the public probate court process, and seamlessly transfer them to beneficiaries after death, all while retaining the power to change or cancel the trust anytime.

Benefits of a Revocable living trust

A trust provides capabilities a will does NOT offer:

A trust works both during your lifetime and after your passing. When properly set up and funded, it allows your assets to be managed privately, avoids the probate court process, and provides clear instructions for how and when assets should be distributed to beneficiaries.

One of the most important benefits of a revocable living trust is continuity. If you become incapacitated, the successor trustee can step in immediately to manage trust assets without court involvement. This prevents financial disruption and ensures bills, property, and investments are handled smoothly.

Trusts are also especially useful for families who want greater control. They allow you to set conditions around distributions, protect minors or vulnerable beneficiaries, address blended family concerns, and maintain privacy. While a trust offers flexibility and efficiency, it only governs assets that are properly titled or assigned to it—meaning it must work alongside a will to fully protect your plan.

Because the trust is “revocable,” you can:

⚖️ Wills vs. Trusts — How They Work Together

For many families, the real confusion starts when they assume choosing one tool means giving up the other.

Key takeaway: Most families do not choose between a will or a trust — they use both to avoid gaps, delays, and court involvement.