The Will Vs. Trust Debate

The discussion of if a trust or a will is better is a common one. Many people are not even aware of the specific differences between a will and a trust. As attorneys such as our friends at The J M Dickerson Law Firm know, deciding if a trust or a will is right for you is a case by case basis. This blog will help you understand:

What a will is (and isn’t)
What a trust is (and why it’s not just for billionaires)
Pros and cons of each
How to choose what’s right for your situation

By understanding the key differences and the benefits and drawbacks of each, you can make an informed decision on your future.

What Is A Will?

Think of a will as your final letter to the world. It says:

Who gets what
Who’s in charge of making it happen (your executor or personal representative)
Who should take care of your minor kids or pets
What happens to things like heirlooms or donations

A will only goes into effect after you die. Sounds simple enough, right? Well, not quite…

The Catch: Probate

A will does not avoid probate. In fact, it requires it. Probate is the court process that validates your will, appoints your executor, and supervises distribution.

And while some states have fairly streamlined probate, others can be:

Time-consuming (months, even years)
Costly (court fees, legal fees, filing fees… oh my)
Public (anyone can pull the file and read your will)
Stressful (especially during a time of grief)

So while a will is essential—it does have its drawbacks.

What Is A Trust?

A trust is like a treasure chest. You put things in it—your home, your accounts, your investments. While you’re alive, you’re typically the trustee. You manage it however you want.

But when you die (or become incapacitated), your hand-picked successor trustee takes the helm and follows your written instructions. No court or probate involved.

Trusts are:

Private (no public record)
Efficient (no probate)
Flexible (can stagger distributions, protect assets, and plan for special needs)

Many trusts also cover incapacity, which means they can take effect before you die, too. Creating a comprehensive trust can often be the best choice for your future.

Types Of Trusts

There are many different types of trusts, but the main types are:

1. Revocable Living Trusts

You can change or revoke it anytime
You control everything while you’re alive
Avoids probate
Common choice for families who want flexibility and simplicity

2. Irrevocable Trusts

Can’t be changed (without some legal gymnastics)
Often used for tax planning, asset protection, or Medicaid eligibility
More rigid—but more protective

Most people begin with a revocable living trust, but a living trust lawyer can help you determine which type of trust is best for you.

Wills Vs. Trusts: A Side-by-Side Look

Feature	Will	Revocable Trust
Goes Into Effect	After death	Immediately (during life & after death)
Covers Incapacity?	No	Yes
Requires Probate?	Yes	No
Private?	No	Yes
Cost to Set Up	Lower upfront	Higher upfront
Cost After Death	Often higher	Typically lower
Easy to Update?	Yes	Yes

When A Will Might Be Enough

While trusts may have more benefits such as avoiding probate, there are cases where a will may suit you just fine:

You have minimal assets
Everything is jointly owned or has beneficiary designations
You’re okay with probate
You don’t mind your estate becoming public record
Your family situation is simple and harmonious

If this is you, a basic will, powers of attorney, and healthcare documents may be sufficient. But remember—life changes fast. Simplicity today can become complexity tomorrow.

When A Trust Makes More Sense

Consider a trust if:

You own real estate in more than one state
You want to avoid probate entirely
You have blended family dynamics (ex-spouses, stepkids, etc.)
You want to control distributions over time (for minor children or beneficiaries with poor money habits)
You’re concerned about incapacity or long-term care
You value privacy

Also, for business owners, high-net-worth individuals, and those with complex financial or family dynamics—trusts are often the smarter, more protective route.

The Ideal Combo: A Will And A Trust

While debating between wills and trusts can reveal some important facts, the truth is that most people need both.

Even if you create a trust, you still need a will—called a “pour-over will”—to catch anything that didn’t make it into the trust.

How To Decide What’s Right For You

Taking the right steps to assess your situation and determine what is right for you is important. When considering creating a will or trust, you should:

List Your Assets – Homes, accounts, business interests, collectibles, etc.
Think About Your Beneficiaries – Who are they? Are they minors? Financially savvy?
Consider Your Goals – Privacy? Simplicity? Taxes? Protection from lawsuits or creditors?
Evaluate Your Life Circumstances – Married? Blended family? Business owner?
Talk to an Attorney

It’s Not About The Document—It’s About The Outcome

Don’t get hung up on whether you need a will or a trust. Focus on what you want to accomplish:

Protect your loved ones
Minimize legal burdens
Preserve privacy
Maintain control

Wills and trusts are just tools. Your values, your family, and your vision—that’s the heart of your estate plan. Contact an attorney to find the right tools to bring that vision to life.