A will is a written set of instructions that takes effect at death and generally passes through probate — the court-supervised process of settling an estate. A revocable living trust holds assets during your lifetime and can allow them to pass privately, often without probate.
When a will may be enough
- Your estate is modest and uncomplicated.
- You need to name a guardian for minor children (a will is where this is typically done).
- Most assets already pass by beneficiary designation.
When a trust may be worth discussing
- You own real estate in more than one state or country.
- You want privacy or to reduce probate delays.
- You wish to provide for a loved one with special needs or stage an inheritance over time.
A note on beneficiary designations
Life insurance, retirement accounts and many bank accounts pass to the person named on the beneficiary form — regardless of what your will says. Review these every few years and after major life events.
Laws vary by state and country. Use this as preparation for a conversation with a licensed attorney, not a substitute for one.
This article is for educational purposes and is not legal, tax or financial advice. Please consult a licensed professional in your jurisdiction.
