Wills vs. Trusts – Which One Do You Need?

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When it comes to estate planning, understanding the differences between wills and trusts is crucial to ensuring your wishes are honored. This guide will help you navigate these essential tools, empowering you to make informed decisions while highlighting the importance of consulting an attorney near you for personalized legal advice.

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Discover the essential differences between wills and trusts in estate planning to determine which is right for you. Learn how to create a legally valid will or trust and avoid common mistakes, while finding an experienced attorney near you to guide you through the process.

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Estate Planning and Probate

Wills vs. Trusts – Which One Do You Need?

What’s the Difference Between a Will and a Trust? (Expanded Definition)

How to Create a Legally Valid Will in Your State (How To)

Types of Trusts Explained: Revocable, Irrevocable & More (Listicle)

The Pros and Cons of a Living Trust (Thought Leadership)

Do You Need Both a Will and a Trust? A Comprehensive Guide (Beginner’s Guide)

How to Update Your Will & Trust After Major Life Events (How To)

Common Mistakes in Will & Trust Drafting and How to Avoid Them (Listicle)

The Role of an Estate Planning Attorney in Creating a Will or Trust (Thought Leadership)

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Wills

Estate Planning

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Estate Planning and Probate

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What’s the Difference Between a Will and a Trust? (Expanded Definition)

How to Create a Legally Valid Will in Your State (How To)

Types of Trusts Explained: Revocable, Irrevocable & More (Listicle)

The Pros and Cons of a Living Trust (Thought Leadership)

Do You Need Both a Will and a Trust? A Comprehensive Guide (Beginner’s Guide)

How to Update Your Will & Trust After Major Life Events (How To)

Common Mistakes in Will & Trust Drafting and How to Avoid Them (Listicle)

The Role of an Estate Planning Attorney in Creating a Will or Trust (Thought Leadership)

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Mar 27, 2025 11:49 PM

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Wills vs. Trusts – Which One Do You Need?

Estate planning is one of the most critical steps you can take to protect your family, manage your legacy, and ensure that your final wishes are honored. But when people begin planning their estate, they often face a common question: Should I create a will, a trust, or both?

If you’re asking this question, you’re already ahead of the game. But knowing the right answer requires a deeper understanding of how wills and trusts work, what they do differently, and how they function together in a comprehensive estate plan.

In this in-depth guide, we’ll walk you through everything you need to know about wills and trusts, from the basics to advanced legal strategies. Whether you’re planning your estate for the first time or reviewing an existing plan, this post will help you make an informed decision—backed by expert legal insights.

Along the way, we’ll reference additional resources to guide you deeper into the topic, including posts like:

What’s the Difference Between a Will and a Trust?

How to Create a Legally Valid Will in Your State

Types of Trusts Explained: Revocable, Irrevocable & More

The Pros and Cons of a Living Trust

Do You Need Both a Will and a Trust?

How to Update Your Will & Trust After Major Life Events

Common Mistakes in Will & Trust Drafting and How to Avoid Them

The Role of an Estate Planning Attorney in Creating a Will or Trust

💡 For every post in this series, scroll down to “Related Posts.”

What Is a Will and What Does It Do?

A last will and testament is a foundational estate planning document. It allows you to designate who should receive your assets after your death, name guardians for minor children, and appoint an executor to manage your estate.

But here’s the catch: A will does not avoid probate. That means your loved ones must still go through court proceedings to carry out your wishes.

If you’re new to estate planning and just want to start with the basics, see our full breakdown in What’s the Difference Between a Will and a Trust?

What Is a Trust and How Does It Work?

A trust is a legal structure where you transfer assets into a separate entity managed by a trustee. You can create a revocable trust, which you can change during your lifetime, or an irrevocable trust, which offers stronger asset protection and tax benefits.

Unlike a will, a properly funded trust can help your beneficiaries avoid probate, access assets more quickly, and maintain privacy.

For a deeper dive into the different types of trusts and how they work, check out Types of Trusts Explained: Revocable, Irrevocable & More.

Key Differences Between a Will and a Trust

Let’s make this clear: Wills and trusts are not interchangeable. They each serve specific legal functions and have different benefits and limitations.

Here’s a quick comparison:

Feature	Will	Trust
Takes effect	After death	During life and after death
Avoids probate?	No	Yes (if funded properly)
Asset control	Basic distribution	Structured, conditional distribution
Privacy	Public (probate court)	Private
Asset protection	Limited	Greater protection (irrevocable trusts)
Guardian for children	Yes	No
Cost	Lower upfront	Higher upfront, lower long-term costs

To understand the strategic pros and cons in real-life scenarios, read The Pros and Cons of a Living Trust for a more nuanced discussion.

Why Some People Need Both a Will and a Trust

A common misconception is that you must choose between a will and a trust. In reality, most people benefit from having both.

A will helps you:

Name guardians for minor children.

Handle assets that are not in the trust.

Serve as a safety net in case something is accidentally left out of your trust.

A trust helps you:

Avoid probate.

Set conditions for inheritance.

Maintain privacy and control over asset distribution.

This combination creates a complete and flexible estate plan.

For a beginner-friendly breakdown of this concept, read Do You Need Both a Will and a Trust? A Comprehensive Guide.

How to Create a Legally Valid Will or Trust

Creating a will or trust isn’t just about listing names and assets—it’s about following your state’s legal requirements to ensure the document is enforceable.

For example, did you know that some states require two witnesses for a will, while others also recommend notarization? Or that failing to retitle assets into your trust can cause those assets to go through probate anyway?

To learn the step-by-step process, explore How to Create a Legally Valid Will in Your State.

What Happens If You Don’t Update Your Estate Plan?

An estate plan is not a one-time task. Life changes—marriages, divorces, births, deaths, and financial shifts—all affect your estate planning needs. If you fail to update your will or trust accordingly, your estate may not be distributed as intended.

For example:

Your ex-spouse could inherit assets you meant to leave to your children.

A new child could be left out of your will entirely.

A deceased trustee could leave your estate in legal limbo.

For practical steps on keeping your plan up to date, see How to Update Your Will & Trust After Major Life Events.

Avoiding Common Mistakes in Will and Trust Drafting

Even the most well-intentioned estate plans can fail due to avoidable drafting errors. Common pitfalls include:

Leaving out contingent beneficiaries.

Naming the wrong executor or trustee.

Using vague or ambiguous language.

Forgetting to fund your trust.

Ignoring digital assets or failing to protect them.

To learn how to sidestep these issues, review Common Mistakes in Will & Trust Drafting and How to Avoid Them.

Why You Need an Estate Planning Attorney

You wouldn’t perform surgery on yourself. So why would you leave your life’s savings in the hands of a DIY template?

A skilled estate planning attorney can:

Help you determine whether a will, a trust, or both are right for your situation.

Identify strategies to reduce estate taxes.

Protect assets from creditors and lawsuits.

Avoid family disputes and legal challenges.

Ensure full legal compliance in your state.

For a full explanation of the attorney’s role in your estate planning journey, read The Role of an Estate Planning Attorney in Creating a Will or Trust.

Who Needs a Will, a Trust, or Both?

Let’s break it down even further. You may need:

A Will if:

You have minor children.

You want a low-cost way to start your estate plan.

You don’t own significant assets or real estate.

A Trust if:

You want to avoid probate.

You have complex family dynamics.

You own real estate in multiple states.

You want to structure or protect inheritance.

You want privacy.

Both if:

You want a complete estate plan.

You need to name a guardian but also avoid probate.

You want flexibility, structure, and peace of mind.

Next Steps: Build Your Estate Plan Today

The truth is simple: You can’t afford to leave your estate plan unfinished. Whether your assets are modest or substantial, whether your family is straightforward or complex, there is no one-size-fits-all solution.

What matters is that your plan is legally sound, up to date, and tailored to your needs—and that starts with the right guidance.

ReferU.AI helps you find the right estate planning attorney near you—based on your goals, family structure, and asset complexity. Our AI-powered platform matches you with experienced professionals who don’t just fill out forms—they create custom strategies to protect your legacy.

Final Thought: The Best Estate Plan Is the One That’s Done Right

Don’t leave your family guessing. Don’t let your assets be tied up in court. And don’t let outdated documents determine your legacy.

Start your estate planning journey today with ReferU.AI. Find a trusted estate planning attorney near you and get the peace of mind you deserve.

Wills vs. Trusts – Which One Do You Need?