Understanding the right choice—or combination—for your family

 

Wills vs. Trusts: Why the Confusion?

 

Many people use the terms “will” and “trust” interchangeably, but they’re not the same. Both are legal tools that help manage your assets and pass them to the right people—but they work in different ways. Knowing the difference can help you make the best decision for your situation.

 

 

What Is a Will?

 

A will is a written document that outlines your final wishes. It names who will receive your property, who will take care of any minor children, and who should manage your estate.

Wills:

• Take effect after you pass away

• Often go through probate (a legal court process)

• Are public once filed with the court

• Can name guardians for children

Wills are essential, even if you also have a trust.

 

 

What Is a Trust?

 

A trust is a legal arrangement where you transfer ownership of certain assets to a trustee, who manages them for the benefit of your chosen beneficiaries.

Trusts:

• Can take effect during your lifetime or after death

• Often avoid probate

• Can keep assets and distribution private

• Offer more control over when and how assets are distributed

A trust is especially helpful if you have property in multiple states, want to avoid court involvement, or need to plan for specific situations like minor children or family-owned businesses.

 

 

Which One Do You Need?

 

In many cases, a will is the minimum, and a trust adds flexibility. Here are a few basic guidelines:

• If you have young children: You need a will to name a guardian.

• If you want to avoid probate: A trust may be the better choice.

• If your estate is modest: A simple will may be sufficient.

• If you own property across states or want more control: A trust can offer real benefits.

And remember, these aren’t mutually exclusive. Most well-rounded estate plans use both.

 

 

Still Unsure? You’re Not Alone.

 

Many clients come to us not knowing what they need. That’s okay. We’ll walk you through the options, help you understand the difference, and put together a plan that fits your goals—not someone else’s.