When it comes to estate planning, two of the most common tools you’ll encounter are the trust and will. While both serve to manage and distribute your assets after you pass away, they do so in very different ways—and understanding these differences is essential if you want to protect your legacy and provide clear guidance for your loved ones.

Each of these legal instruments plays a unique role in helping you define your wishes and plan for the future. Whether you’re aiming to avoid probate, minimize taxes, or ensure the right guardianship for your children, knowing how a trust and will work (individually and together) is the first step toward building a strong estate plan.

What Is a Will?

A will, or last will and testament, is a legal document that communicates your final wishes regarding your assets, debts, and dependents. Upon your passing, your will directs how your property should be distributed and who should take care of any minor children or dependents.

A will also allows you to:

• Name one or more beneficiaries to inherit your property.

• Designate an executor who will be responsible for managing your estate and ensuring that your instructions are carried out.

• Appoint guardians for your underage children or dependent family members.

• State your wishes regarding funeral or memorial services.

However, a will must go through probate, which is a court-supervised process of validating the document, paying off any outstanding debts, and distributing the remaining assets. Probate can take several months or even years, depending on the complexity of the estate and the jurisdiction involved.

What Is a Trust?

A trust is a legal structure that allows one party (the grantor) to transfer assets to another party (the trustee) to be managed for the benefit of a third party (the beneficiary). Unlike a will, a trust becomes effective immediately upon creation and can apply both during your lifetime and after your death.

There are two primary types of trusts:

• Revocable Living Trust: Can be modified or revoked at any time while the grantor is still alive.

• Irrevocable Trust: Once established, this type of trust cannot be altered without the permission of the beneficiaries and provides greater protection from creditors and taxes.

Assets placed in a trust are no longer legally owned by you—they’re owned by the trust itself. This allows the trust to bypass probate entirely and ensures a faster, private, and more controlled transfer of your assets.

In addition, trusts can be used for purposes such as:

• Providing for minor children or special needs beneficiaries

• Managing real estate or business assets

• Avoiding estate taxes

• Ensuring financial continuity in the event of incapacitation

Trust and Will: Key Differences at a Glance

To better understand how each tool functions, here’s a side-by-side comparison:

Benefits of Using a Will

Despite the added court process, there are still significant benefits to having a will as part of your estate plan:

1. Simplicity and Affordability

Wills are typically easier and cheaper to draft than trusts, making them a suitable option for individuals with smaller estates or straightforward asset structures.

2. Clear Instructions

You can include detailed instructions on how you want your personal property, digital assets, and sentimental items to be handled.

3. Legal Guardianship for Children

Only a will can designate legal guardians for your minor children, a critical provision for families with young dependents.

4. Flexibility in Wishes

Wills also allow for specific requests such as funeral preferences, care for pets, and other personal considerations that a trust might not include.

Benefits of Using a Trust

In contrast, a trust offers broader protections and long-term planning options, particularly for those with more complex estates.

1. Avoids Probate

Because the assets in a trust are not part of your probate estate, they can be distributed without court intervention—saving your family time, legal fees, and emotional stress.

2. Privacy

Trusts are private documents, and their terms are not made public, unlike a will that becomes part of the probate record.

3. Asset Management While You’re Alive

If you become incapacitated, your appointed trustee can manage trust assets on your behalf, pay bills, and make investment decisions, ensuring financial continuity.

4. Tax and Asset Protection

Certain trust structures can protect your wealth from lawsuits and reduce estate tax liabilities, particularly in larger or more complex estates.

5. Conditions and Control

A trust lets you set specific conditions for asset distribution, such as releasing funds once a beneficiary graduates college or reaches a certain age.

Should You Use Both a Trust and a Will?

Many people mistakenly believe they must choose between a trust and a will—but in reality, the most effective estate plans use both. Each serves a unique function that the other cannot fully replace.

Here’s how they can complement one another:

• The will names guardians for your children and handles any residual assets not transferred into the trust.

• The trust ensures faster distribution and privacy, and manages ongoing financial support for beneficiaries.

• If any inconsistencies arise between the two, the trust typically overrides the will because it is a separate legal entity and operates independently of probate court.

For instance, if you forget to transfer a newly acquired property into your trust, your will can ensure it still passes to the correct heirs—even if it must go through probate.

Common Estate Planning Mistakes to Avoid

When creating a trust and will, many people fall into these traps:

• Not funding the trust: If you create a trust but fail to transfer ownership of assets into it, those assets may still go through probate.

• DIY documents: While creating a simple will online might seem convenient, mistakes or unclear language can lead to costly legal disputes.

• Lack of coordination: If your trust and will don’t align, they may contradict each other, leading to confusion or even litigation.

• Ignoring updates: Life events such as marriages, divorces, births, or major purchases should prompt a review of your estate plan.

Build a Trust and Will That Work Together

A well-rounded estate plan typically includes both a trust and a will, as well as other essential documents like powers of attorney and healthcare directives. This approach offers maximum protection, flexibility, and peace of mind for you and your loved ones.

To ensure your trust and will are properly structured and legally enforceable, it’s wise to consult an experienced estate planning attorney. They can help you tailor your documents to meet your goals, minimize taxes, and avoid common pitfalls.

Ready to Protect Your Legacy?

At Doane & Doane, we specialize in helping families create comprehensive estate plans using both trusts and wills. Our team will carefully evaluate your circumstances and guide you in choosing the right tools to protect your assets and fulfill your wishes.

Whether you're just starting out or need to update an existing estate plan, we're here to help.

? Call us at 561-656-0200 or fill out our contact form to schedule a consultation.

Your peace of mind starts with a smart, legally sound plan. Let’s build it together.