May 19, 2025
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Trust and Will: Key Differences, Benefits, and Why You May Need Both

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Planning for the future involves more than saving money or writing a few notes about who should inherit your belongings. A well-structured estate plan helps ensure your assets are passed on according to your wishes and that your loved ones are cared for after you’re gone. Two of the most essential legal tools used in this process are a trust and will.

While both serve the purpose of asset distribution, they do so in very different ways. If you’re unsure whether you need a trust, a will, or both, this guide will walk you through everything you need to know.

Let’s break down what each document does, how they differ, the advantages they offer, and how they can complement each other in a complete estate plan.


What Is a Will?

A will—often referred to as a last will and testament—is a legal document that communicates your intentions for how your property, personal belongings, and minor children should be handled after your death.

Through a will, you can:

  • Name beneficiaries to inherit specific items or portions of your estate

  • Appoint an executor to oversee the distribution of your assets

  • Choose guardians to care for your minor children or dependents

  • Express your wishes for funeral or memorial arrangements

Wills are only enforceable after your death and must go through a legal process called probate. During probate, the court verifies the will’s validity, ensures any debts or taxes are paid, and authorizes asset distribution. Probate can be time-consuming and public, depending on the size and complexity of the estate.


What Is a Trust?

A trust is a legal entity created to manage and distribute your assets during your lifetime or after your death. When you set up a trust, you (the grantor) transfer assets into the trust, which are then managed by a trustee for the benefit of your chosen beneficiaries.

There are different types of trusts, but two of the most common are:

  • Revocable Living Trust: This allows you to retain control of the assets in the trust during your lifetime. You can amend or revoke it at any time.

  • Irrevocable Trust: This type of trust cannot be changed once it is established, offering stronger asset protection and potential tax benefits.

One major advantage of a trust is that it does not go through probate, which can save time, legal fees, and stress for your heirs. It also provides more control over how and when assets are distributed.


Comparing a Trust and Will: The Core Differences

While both a trust and will are used to pass on your assets, they function quite differently. Here’s a side-by-side comparison:

Feature Will Trust
When It Takes Effect After death As soon as it is created and funded
Probate Requirement Yes No
Public or Private Becomes public during probate Remains private
Guardianship for Minors Yes No
Manages Assets During Life No Yes
Tax Benefits Minimal Potential benefits, especially with irrevocable trusts
Flexibility in Distribution Limited Highly customizable
Cost to Set Up Typically less expensive May require more investment up front

Benefits of Having a Will

Despite the probate process, wills remain an important part of estate planning—especially for individuals with young children or straightforward asset portfolios.

1. Appointing Guardians

Only a will allows you to legally name guardians to care for your children if you pass away while they are still minors.

2. Simplicity and Affordability

Wills are generally easier and less expensive to create than trusts, making them a practical option for smaller estates or simpler family situations.

3. Expressing Personal Wishes

A will can include detailed personal requests—for example, how you want certain heirlooms divided or what you’d like your funeral service to look like.


Advantages of Setting Up a Trust

Trusts offer a wide range of benefits and are especially useful for those looking to manage assets while alive, avoid probate, or protect wealth long term.

1. Avoiding Probate

One of the biggest advantages of a trust is that it bypasses the probate process entirely. This means your beneficiaries may gain access to their inheritance faster, with fewer legal complications.

2. Ensuring Privacy

Because trusts do not go through court, the details remain private. This is an important feature for individuals who prefer to keep their financial matters confidential.

3. Asset Management During Incapacity

If you become incapacitated, a trustee can step in to manage the trust’s assets without requiring court approval—saving your family time and hassle.

4. Customized Distribution

With a trust, you can set conditions for how and when assets are distributed. For example, you might choose to delay an inheritance until a beneficiary reaches a certain age or completes a college degree.

5. Possible Tax and Asset Protection

While revocable trusts don’t provide tax benefits, certain irrevocable trusts can shield assets from creditors and reduce estate taxes.


Why Using Both a Trust and Will Is Often the Best Strategy

While each document has unique strengths, the most effective estate plans usually include both a trust and will. Together, they form a more complete and reliable strategy for passing on your legacy.

Here’s how they work together:

  • The will serves as a catch-all for any assets not transferred into the trust and appoints guardians for children.

  • The trust handles the direct management and distribution of your assets without court involvement.

Additionally, you can create a “pour-over will,” which directs any remaining assets not already in your trust at the time of your death to be transferred into it—ensuring everything is properly accounted for.

This dual approach provides peace of mind, especially in situations where:

  • You have minor children

  • You own property in multiple states

  • You want to avoid court intervention

  • You value privacy and control over how your estate is handled


Estate Planning Mistakes to Avoid

When building your estate plan, be cautious of these common pitfalls:

  • Not funding your trust: Simply creating a trust isn’t enough. You need to formally transfer ownership of your assets into the trust.

  • Conflicting documents: Mismatched instructions between your will and trust can lead to confusion or legal disputes.

  • DIY estate planning: While online forms might seem convenient, a poorly written or legally invalid document can cost your family time and money later.

  • Failing to update your plan: Life changes—like marriage, divorce, or the birth of a child—should always prompt an estate plan review.


What Else Should Your Estate Plan Include?

Beyond a trust and will, a thorough estate plan should also consider:

  • Durable Power of Attorney – Grants someone authority to handle your finances if you’re incapacitated

  • Health Care Proxy or Medical Power of Attorney – Allows someone to make medical decisions on your behalf

  • Living Will – Specifies your wishes for end-of-life care

  • HIPAA Authorization – Gives loved ones access to your medical records

Together, these documents form a strong legal foundation for managing your affairs during life and after death.


Let Doane & Doane Help You Protect What Matters

At Doane & Doane, we know that planning for the future can feel overwhelming—but you don’t have to do it alone. Our experienced estate planning attorneys are here to guide you through the process and help you create a personalized plan using both a trust and will.

We’ll ensure your documents are:

  • Legally valid and up to date

  • Aligned with your goals and family dynamics

  • Structured to reduce taxes and avoid unnecessary costs

  • Designed to protect your privacy and preserve your legacy

📞 Call us today at 561-656-0200 or fill out our online contact form to schedule a consultation. We’ll work closely with you to build a plan that gives you peace of mind and safeguards your family’s future

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