Will vs Trust
A detailed comparison to help you choose the right option.
Last Will and Testament
A legal document that specifies how your assets should be distributed and who should care for your dependents after your death.
Advantages
- Simple and inexpensive to create
- Can name guardians for children
- Well understood by most people
- Can be easily updated
Disadvantages
- Must go through probate
- Becomes public record
- No protection during incapacity
- Doesn't avoid estate taxes
Trust
A legal entity that holds and manages assets according to your instructions, providing benefits during life and after death.
Advantages
- Avoids probate
- Maintains privacy
- Provides incapacity protection
- Can reduce estate taxes
Disadvantages
- More expensive to create
- Requires ongoing management
- Must transfer assets to trust
- More complex than wills
Key Differences
- 1Probate: Wills go through probate; trusts avoid it
- 2Privacy: Wills become public; trusts remain private
- 3Timing: Wills only work after death; trusts work during life and after death
- 4Cost: Wills are cheaper initially; trusts cost more upfront but may save money long-term
Which Should You Choose?
Use a will as the foundation of any estate plan — you need one to name guardians and handle assets not in a trust. Add a trust if you want to avoid probate, maintain privacy, have a large estate, own property in multiple states, or need ongoing asset management for beneficiaries.
Related Templates
Ready to create your agreement?
Generate professional legal documents with AI assistance.
Get Started Free