Most people’s estate planning question boils down to one thing: do I need a will, or do I need a trust? Here’s the short version, the long version, and how to decide for yourself.
The short version
A will is a document that says who gets what after you die, and who will manage that process. It’s simple and effective, but it has to go through probate court — which is public, slow, and sometimes expensive.
A living trust does the same thing, but it’s effective during your lifetime. You move your assets into the trust while you’re alive (you’re still in control), and when you die, those assets pass to your beneficiaries without going to court.
What a will does
A last will and testament does four things:
- Names guardians for any minor children.
- Names an executor who handles your estate after you pass.
- Lists who receives what.
- Captures any specific wishes (final arrangements, charitable gifts, exclusions).
A will is straightforward. It’s also limited: it only takes effect after you die, and it has to go through probate court.
What a living trust does
A revocable living trust is a legal entity that holds your assets while you’re alive. You’re the trustee — meaning you control the assets just like you do now. When you die, your successor trustee distributes them to your beneficiaries directly. No probate. No court.
A trust does everything a will does, plus:
- Avoids probate entirely
- Keeps your estate private (probate is public record; trusts are not)
- Manages your assets if you become incapacitated
- Gives your family faster access to assets after you die
Why probate matters
Probate is the court process for distributing a deceased person’s assets. Three things to know about it:
- It’s public. Once a will is filed in probate, it becomes public record — anyone can read it.
- It’s slow. Six to eighteen months is typical. In states like California, it can be longer.
- It costs money. Court fees, attorney fees, and executor fees can take 3–7% of an estate’s value.
A living trust avoids all of this. That’s the main reason most homeowners choose one.
How to decide
Use this rule of thumb:
- You own a home or other real estate → strongly consider a trust.
- You want to keep your finances private → choose a trust.
- You don’t own real estate, and you just want a baseline plan → a will is enough.
- You’re young and renting → a will gets you started; you can upgrade later.
Either way, you also want a power of attorney and a healthcare directive — both are included in every MyEstatePlanner plan, regardless of whether you choose the will or trust path.
What about both?
If you have a living trust, you also have a "pour-over will" — a backup that catches anything you forgot to move into the trust. Our trust plan includes both. So in practice, the trust path gives you a will too; the will path doesn’t.