Do I Need a Will, a Trust, or Both?

You’ve checked the box. Maybe years ago, maybe recently, you created a will. That’s a big step. But if you’re like many people we talk to, you might still be wondering: ‘Is a will enough to protect my family, or should I also have a trust?‘

It’s a good question. And the answer depends on more than just your assets. It’s about your goals, your relationships, and the kind of experience you want your loved ones to have when you’re gone.

We’ll break down the difference between wills and trusts, why they’re not just for the ultra-wealthy, and how they can work together as part of thoughtful Estate Planning.

What is a Will and What Does it Do?

A will is a legal document that outlines:

• • Who should receive your assets when you pass away?
  • Who will be the guardian of your minor children (if applicable)?
  • Who is responsible for carrying out your wishes (the executor)?

Wills are a foundational starting point for many families. But here’s the catch: a will does not avoid probate.

Probate is the legal process of validating your will and distributing your assets. It can be:

• • Public: Your will and an inventory of your assets become part of the public record
  • Time-consuming: It can take months, sometimes a year or more.
  • Costly: Court fees and legal expenses can add up

For many families, avoiding probate is a key reason to consider a trust.

What is a Trust and How Does it Work?

A trust is a legal arrangement that allows a third party, called a trustee, to hold, manage, and distribute assets on behalf of your chosen beneficiaries.

There are different types of trusts, but one of the most common is a revocable living trust. You can change or dissolve it during your lifetime.

The biggest benefit? Assets held in a trust typically skip probate, which means:

• • Your loved ones get access faster
  • The process stays private
  • It may reduce legal costs and emotional stress

Trusts also offer more detailed control. For example, you can:

• • Specify when a beneficiary receives an inheritance (such as after college or at a certain age)
  • Provide ongoing financial support for a child with special needs
  • Direct how assets are used (education, health, housing, etc.)

Will vs Trust: What’s the Difference?

A Real-Life Example: How a Trust Can Avoid Probate

Let’s say Diane has a will that leaves her home and savings to her children. When she passes away, her assets will go through probate. The process takes six to nine months, during which her kids have to cover expenses, deal with legal filings, and wait for distributions. 

Now, imagine Diane had set up a revocable living trust and retitled her assets to it. When she passes, her trustee steps in, distributes her assets privately, and her children avoid the time, cost, and stress of probate. 

It’s not just for the wealthy; it’s about peace of mind and preparation. 

So, Do You Need Both a Will and a Trust?

In many cases, yes. 

Even if you have a trust, you still need a will. That’s  where something called a pour-over will comes in. It acts as a safety net,  capturing any assets not already titled in your trust and ‘pouring’ them into the trust after your death. 

It’s a gentle reminder that even the most thoughtful plans benefit from a backup. Having both helps ensure nothing slips through the cracks. 

When a Trust May Be Especially Helpful

You might benefit from adding a trust to your plan if:

• • You own property in multiple states
  • You want to keep financial matters private
  • You have blended family dynamics
  • You want more control over how and when your assets are distributed
  • You’re concerned about a lengthy or costly probate process

Still Not Sure What You Need? That’s Okay. 

You don’t have to figure it out alone. If you’re wondering whether a will, a trust, or both make sense for your situation, we’re here to help. 

At The Retirement Planning Group, we believe wills and trusts are essential tools, but they’re just one part of the picture. Our Legacy Wealth Strategies are designed to bring clarity, coordination, and confidence to your entire plan. 

Whether you’re starting from scratch or revisiting old documents, we’ll help you build a strategy that fits your life and supports the people you care about most.