What are the differences between a Will and a Trust?
Wills and Trusts are essential tools in estate planning, each serving to designate how your assets will be distributed after your passing. Though they share common goals, there are significant differences in their structure, execution, and benefits.
Wills
- Functionality: Wills allow you to name guardians for children and pets, designate asset distribution, and specify final arrangements.
- Limitations: Wills offer limited control over asset distribution and often require probate, a legal process that can be time-consuming and costly.
Trusts
- Control: Trusts let you decide when and how your assets are given out, but only if you first move those assets into the Trust. This means you'll have to do some work upfront to transfer your assets.
- Advantages: By design, Trusts can avoid the probate process, offering a streamlined method to manage and distribute assets, which can be a significant advantage.
Learn more about the difference between Trusts and Wills in our Learn Center: Will vs Trust - What’s The Difference & Which Option is Right for You?
Deciding on Estate Planning Options
Recognizing the importance of this decision, Trust & Will aims to equip you with the necessary resources to make an informed choice between a Will-based and a Trust-based Estate Plan.
- Will-Based Estate Plan: Ideal for those seeking simplicity and have a straightforward asset distribution plan.
- Trust-Based Estate Plan: Best suited for those desiring more control over their asset distribution and looking to avoid probate.
Learn more about our Estate Plan products and check out a detailed comparison of our offerings.
Should I get a Trust or a Will—which one is best for me?
Unsure of which plan suits you best? Take our quiz designed to guide you towards the estate plan that aligns with your personal circumstances and goals.
Also, know that you can purchase a Will and later decide to upgrade to a Trust.