Will vs. Trust: Which Option is the Better Choice for You?

When planning for the future, understanding the differences between a will and a trust is crucial. Both tools are designed to distribute assets, but they work in different ways and offer unique benefits. At BetterEstate, we’re here to help you confidently protect your assets and loved ones by breaking down these options.

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

A will is a straightforward document that outlines how your assets will be distributed after your death. It can also name guardians for minor children and detail your final arrangements. However, wills often require probate—a court-supervised process that can be time-consuming and costly.

A trust, on the other hand, takes effect as soon as it’s signed and funded. This means it can manage your assets during your lifetime and after your passing. Trusts provide more control over asset distribution, avoid probate, and maintain privacy.

Key Benefits of a Will:

• Simple to create and use
• Designates guardians for children or pets
• Outlines final wishes

Key Benefits of a Trust:

• Avoids or minimizes probate
• Greater control over when and how assets are distributed
• Provides privacy for your estate
• Plans for incapacity to protect your interests during your lifetime

Do You Need Both?

It depends! While combining a will and a living trust can provide solid protection for many people, it’s not always the best fit for everyone. A pour-over will, for instance, can complement a living trust by covering any assets not already in the trust. However, the right approach really depends on your specific situation, goals, and the complexity of your estate. It’s worth evaluating your needs to see if this combination makes sense for you.

Choosing the Right Option

There’s no “one-size-fits-all” solution when it comes to wills and trusts. The best choice depends on your current life stage, goals, and family needs. Both tools play a vital role in creating a solid estate plan.

Get Started With Confidence

Planning for the future doesn’t have to be overwhelming. BetterEstate makes it simple to create a personalized, lawyer-grade will or trust from the comfort of your home. Our AI assistant, Alice, is here to guide you through every step. She'll consult you for free and help you assess the best options, offering expert advice without the usual $300/hour fee.