Do I Need a Will, a Trust, or Both?
Protecting What Matters Most
A simple guide to understanding the core tools (Wills and Trusts) that shape your estate plan.
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Estate Planning Series →Phase 1 Article 2 of 5
At a Glance
Introduction: 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.
Do I Need a Will, a Trust, or Both?
Why This Question Matters
When it comes to wills and trusts, many people believe they must choose between a will or a trust. In reality, most families need both. Each serves a different purpose, and together they create a complete plan that:
Therefore, understanding differences between wills and trusts helps you avoid gaps, delays, and expensive court involvement.
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.
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
Trusts provide 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.
| Feature | Will | Trust |
|---|---|---|
| When it takes effect | After death | During life and after death |
| Avoids probate | ❌ No | ✅ Yes (if properly funded) |
| Works during incapacity | ❌ No | ✅ Yes |
| Controls timing of distributions | ❌ Limited | ✅ Yes |
| Names guardians for minor children | ✅ Yes | ❌ No |
| Provides privacy | ❌ Public court process | ✅ Private |
| Covers personal belongings | ✅ Yes | ❌ No |
| Governs untitled or forgotten assets | ✅ Yes (after probate) | ❌ No |
| Manages assets across states | ❌ No | ✅ Yes |
| Helpful for blended families | ⚠️ Limited | ✅ Strong |
| Requires proper setup to work | ⚠️ Simple | ⚠️ Must be funded |
📌 Most families do not choose between a will or a trust — they use both to avoid gaps, delays, and court involvement.
When a Will Alone Is Enough
A will may be sufficient if you:
Even then, you still need medical and financial powers of attorney.
When You Absolutely Need a Trust
A trust is strongly recommended if you:
Most families fall into one or more of these categories.
Wills and Trusts: Why Most People Need Both
Think of a will and trust as teammates:
Together they ensure no gaps, no court confusion, and no surprises for your loved ones.
Simple Scenarios to Guide You
| Scenario | Guidance |
|---|---|
| Scenario 1: Parents with Minor Children | ✔ Need a will for guardianship ✔ Need a trust for asset management ✔ Need powers of attorney for incapacity |
| Scenario 2: A Homeowner in a Simple Family | ✔ A trust avoids probate ✔ A will covers personal items |
| Scenario 3: Blended Family | ✔ Trust ensures intentional distribution ✔ Will ensures clarity and reduces conflict |
| Scenario 4: Single Adult with Only Bank Accounts | ✔ Will may be sufficient ✔ Powers of attorney still essential |
Common Mistakes to Avoid
Unfortunately, these misunderstandings lead to avoidable court delays and family conflict.
📘 Not sure which direction fits your situation?
FREE DOWNLOAD
The Will & Trust Comparison Guide walks through common scenarios to help you see when a will is enough — and when a trust adds meaningful protection.
Where to Start
Estate planning isn’t one-size-fits-all. Use the list below as a quick start.
Once you understand how these tools fit together, the real risk becomes clearer — what happens when none of them are in place.
🛠️ Downloadable Resources
Start with one or two of these simple tools which are designed to help you feel informed, empowered, and ready to take meaningful next steps.
📘 Will & Trust Comparison Guide
FREE DOWNLOAD
A clear, side-by-side snapshot showing when a will is enough — and when a trust adds the protection your family needs.
View resource →
📘 Starter Estate Planning Checklist
FREE DOWNLOAD
A simple list of decisions and documents to help you begin building a basic plan.
View resource →
Looking for more estate planning tools?
Explore the full collection on our Estate Planning Resources page.
Next Up: What Happens If You Do Nothing
The next article explains what actually happens under state law when someone dies or becomes incapacitated without an estate plan—and why relying on “default rules” often leads to stress, delays, and conflict.
🔍 External Resources & Related Articles
Explore trusted, expert sources or related articles for deeper guidance on the topics covered in this phase.
📚 Trusted External Resources
These organizations provide clear, introductory guidance on estate planning concepts, documents, and decision-making. Their resource hubs are designed for broad learning and ongoing exploration.
🌐 Fidelity — Estate Planning Basics
🌐 Consumer Financial Protection Bureau (CFPB) (.gov) — Managing Someone Else’s Money & Planning Ahead
🌐 FINRED (.gov) – An Introduction to Estate Planning
🌐 AARP — Estate Planning Resources
NOTE: These links are provided for additional education and exploration.
🎯 All Phase 1 Articles
Learn how foundational estate planning works, which tools protect your family, and how to avoid the costly consequences of doing nothing.
📘 Estate Planning 101: Protecting What Matters Most
📘 Do I Need a Will, a Trust, or Both?
📘 What Happens If You Do Nothing?
📘 Why You Still Need a Will (Even with a Trust)
📘 Understanding Beneficiary Designations
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About the Author
Written by Tonya Harris, founder of Elevated Sand. Tonya creates culturally grounded financial and digital education that helps people understand complex topics and make informed decisions for the future.
Disclaimer: Information is for educational purposes only and should not be considered legal or financial advice. Estate planning involves complex legal and tax considerations. You should consult a qualified estate planning attorney to determine the best approach for your situation and ensure compliance with your state’s laws.