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Is a Trust Better Than a Will?

By Rebecca S. Spinner
Associate Attorney

Have you ever wondered whether a trust or a Will is better for your estate planning needs? Many people face this dilemma when considering how to protect their assets and ensure their wishes are honored. Each option has its unique benefits and drawbacks, and choosing the right one can significantly impact how your estate is managed and distributed. Here, we’ll explore the differences and help you decide which option might best fit your situation.

What Is a Will?

A Will is a legal document outlining how you want your assets distributed after death. It specifies who will inherit your property, manage your estate, and care for any minor children. A Will also allows you to name an executor, the person responsible for ensuring your wishes are carried out. 

What Is a Trust?

A trust is a legal arrangement where one party, the trustee, holds and manages assets on behalf of another, the beneficiary. Trusts can be revocable or irrevocable, offering flexibility or permanence based on your needs. They provide control over when and how beneficiaries receive assets, which can be particularly useful for managing distributions to minors or individuals with special needs. Trusts can also offer tax benefits and protection from creditors, making them a versatile and powerful tool in comprehensive estate planning.

Key Differences Between Wills and Trusts

When deciding between a Will and a trust, it’s important to understand their key differences:

  • Probate Process: Wills must go through probate, a court-supervised process that can be time-consuming and public.  Probate is also the opportunity for creditors to come and make claims on your estate. A trust avoids the probate process, allowing for a quicker, private distribution of assets.
  • Privacy: Once filed in probate court, a Will becomes a public record. Trusts remain private, with no public disclosure of assets or beneficiaries.
  • Control Over Assets: A Will is effective only upon death. It does not provide asset management during your lifetime. With a trust, you can manage and distribute assets during your lifetime and after death, offering greater control and more options in the event of your incapacity. 
  • Flexibility and Complexity: Wills are simpler to create and modify but offer limited control over asset distribution. Trusts are more complex to establish, but provide detailed, flexible instructions for asset management.
  • Cost: Wills are generally less expensive to draft. Due to complexity, trusts have higher initial costs but can save money by avoiding probate fees and protecting assets.

Benefits of Choosing a Trust

Choosing a trust offers several significant benefits for your estate planning:

  • Avoiding Probate: Trusts bypass the probate process, ensuring a faster and private transfer of assets to beneficiaries.
  • Maintaining Privacy: Trusts are not part of the public record, so they keep your estate details confidential.
  • Incapacity Planning: A trust allows for seamless management of your assets if you become incapacitated, ensuring your affairs are handled according to your wishes.
  • Control and Flexibility: Trusts provide detailed instructions on how and when assets should be distributed, offering greater control over your estate.
  • Protection: Trusts can protect your assets from creditors and legal challenges, and can be structured to reduce estate taxes.

When a Will Might Be More Appropriate

A Will might be more appropriate for individuals with smaller, simpler estates or those who wish to specify guardianship for minor children (although this can be done in a separate Nomination of Guardian if probate avoidance is still a goal of your). Wills are straightforward and cost-effective to create, making them ideal for those who don’t require the detailed control or privacy provided by trusts. If your estate doesn’t face significant probate issues, a Will can clearly outline your wishes for asset distribution and guardianship without complex legal structures. A Will can also be easily updated as your circumstances change, offering flexibility for straightforward estate planning needs.

Combining Wills and Trusts

Combining Wills and trusts can provide a comprehensive estate planning solution. A trust can manage and distribute assets efficiently, while a Will can cover any assets not included in the trust and specify guardianship for minor children. Using a pour-over Will, you can ensure any assets inadvertently left out of the trust are transferred into it upon your death. This combination maximizes control, privacy, and flexibility, ensuring all aspects of your estate are managed according to your wishes while simplifying the probate process for your loved ones.

Contact Our Experienced Estate Planning Attorneys Today

Surprenant & Beneski, P.C. offers personalized estate planning solutions tailored to your unique needs. Whether you’re considering a Will, a trust, or a combination of both, our experienced attorneys are here to guide you. Contact us today to schedule a consultation and secure your peace of mind.

About the Author
Rebecca S. Spinner, a respected attorney at Surprenant & Beneski, has a deep understanding of the qualities that make a lawyer invaluable to her clients. Her diverse background, impressive credentials, and persistent concern for the rights of others combine to make her an asset to our practice.