Both can distribute assets after death, but they work very differently. Here is a plain-language comparison.
A will and a trust are both legal documents directing asset distribution after death. But they work in fundamentally different ways.
A will takes effect only after death. It names an executor, specifies who inherits what, and can name guardians for minor children. A will must go through probate, becomes a public record, takes months to years, and only controls probate assets.
A revocable living trust is created during your lifetime. You transfer assets into it and name beneficiaries. Because the trust owns the assets, they don't go through probate. Distribution happens privately, without court involvement. A trust can also manage assets if you become incapacitated.
Probate: Will = yes. Trust = no.
Privacy: Wills are public. Trusts are private.
Speed: Probate takes months-years. Trust distribution can happen in weeks.
Cost: Wills are cheaper to create but more expensive to administer. Trusts cost more upfront but avoid probate costs.
Incapacity: Wills only work after death. Trusts handle incapacity too.
Inheriting from a trust is generally faster than from a will. But trust administration still takes time with complex assets. If you're waiting on either process, an inheritance advance may help.
Disclaimer: This page is for general informational purposes only and does not constitute legal, financial, or tax advice. Probate laws, timelines, and costs vary significantly by state and by individual circumstances. We strongly encourage you to consult with a qualified attorney or financial advisor for guidance specific to your situation. First Heritage Funding is not a law firm and does not provide legal services.
Many planners recommend both. A trust handles the bulk of assets. A 'pour-over will' catches anything not in the trust. The will also names guardians for minor children.
No. Trust assets are governed by trust terms regardless of the will. The will only controls assets not covered by other mechanisms.
Yes, though it's generally harder than contesting a will. Grounds are similar — lack of capacity, undue influence — but the burden of proof may be higher.
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