When I first set up my estate plan, the main question swirling in my head was: “If I have a trust do I need a will?” I often hear five variations of that question in a single breath: “Does a trust override a will, should I still create a separate will, how do I handle guardianship for my kids, what if the trust isn’t properly funded, and is a trust always better than a will?” Let’s delve into why the answer can be more nuanced than you might expect.
Understand The Role Of Wills
My will is the document that officially spells out who gets my assets when I pass away. It also designates who will manage these distributions (my executor) and nominates guardians for any minor children. According to Investopedia (source), if I die without a will, my estate will be distributed under intestacy laws, which typically favor close family members. That might seem straightforward, but probate—a court process verifying the will—can be costly and time-consuming.
- A will:
- Names an executor
- Specifies guardians for children
- Must pass through probate
- Goes into effect upon death
Probate isn’t always a nightmare, and in certain states the process is streamlined (American Bar Association). However, this public process can still feel intrusive, especially if I’m concerned about preserving privacy or minimizing delays.
Know What A Trust Does
A trust, on the other hand, is active right after I sign and fund it. It doesn’t have to wait until I pass away to be effective (Trust & Will). This gives me more control over my assets, potentially keeps things out of probate, and often stays private.
- A revocable living trust:
- Takes effect now (not after death)
- Can be changed, amended, or revoked in my lifetime
- Avoids probate for assets inside it
- Allows me to manage assets during incapacity
By placing my assets into a trust’s name, I can streamline distribution and guard my family against probate hassles. If I ever become incapacitated, my successor trustee can step in, manage my trust, and ensure my finances stay intact without needing a guardianship hearing in court.
For a trust to serve its purpose, though, I can’t forget the funding step. If the trust isn’t funded—meaning I haven’t actually transferred assets into it—those assets might still end up in probate (Keystone Law Group). For tips on that process, see how to put assets into a trust.
Compare Key Differences
To visualize how wills and trusts differ, here’s a quick snapshot:
| Factor | Will | Trust |
| When It Takes Effect | Only after death | Immediately upon signing and funding |
| Probate Requirement | Required for assets covered by the will | Typically bypasses probate if assets are funded |
| Guardianship for Children | Specifies guardians | Does not typically address guardianship |
| Privacy | Public record in most states | Generally stays private |
| Incapacity Planning | Does not help if I become incapacitated | Successor trustee can manage assets right away |
I use both because each has distinct advantages. It’s nice to know that if my trust handles my major assets, everything can sidestep probate. Meanwhile, my will still covers any items I forgot to put into the trust—this is sometimes called a “pour-over” clause—and officially designates guardians for minors, which my trust can’t do by itself.
Decide If You Need Both
In my experience, combining a will and a trust goes a long way toward ensuring true peace of mind. Here’s why:
- A trust tackles probate avoidance: Once I move key assets to my trust, they can pass directly to my beneficiaries.
- A will manages guardianship: Without one, the court decides who takes care of my children.
- Assets not in the trust must pass through the will: This catch-all can prevent confusion over leftover items.
- Flexibility for changing circumstances: My revocable living trust is adjustable, and my will can be updated with a codicil if needed.
- Privacy and control: Trusts can remain confidential while specifying exactly how and when loved ones access funds.
Of course, some households might find a trust unnecessary if the estate is small, since probate can be simpler for limited assets (American Bar Association). But for high-net-worth families like mine, establishing both documents can protect future heirs and streamline the entire process.
If you want a clearer sense of how to integrate these options, check out our estate planning guidelines. It’s a handy overview that shows how trusts and wills fit into a broader strategy.
Bringing Your Estate Plan Full Circle
For me, having both a trust and a will is the foundation of my estate plan. My trust covers asset management, keeps things confidential, and avoids probate. My will clarifies my guardianship wishes, ensures any leftover assets transfer properly, and helps prevent disputes among beneficiaries.
If you’re still asking yourself, “If I have a trust, do I need a will?” the short answer is usually yes, especially if you want total confidence your loved ones will be cared for seamlessly. To learn more about seeking professional guidance for these documents, read about what type of lawyer is best for wills. And if you’re ready to strengthen your estate plan further, you can explore a broader view of estate planning to see how trusts and wills come together for greater peace of mind.
