Estate planning attorneys have a financial incentive to sell you a trust. That doesn't mean you don't need one — but it does mean you should understand the difference before you walk into that office.

What a will does

A will is a legal document that says who gets your stuff when you die. It also names a guardian for minor children and designates an executor — the person responsible for carrying out your wishes.

A will goes through probate, which is the court-supervised process of validating the document and distributing your estate. Probate is public record, takes time (months to over a year in some states), and costs money in attorney and court fees.

A will only controls what's called your probate estate — assets that are titled in your name alone, with no beneficiary designation. Anything with a named beneficiary (life insurance, retirement accounts, joint accounts) passes directly to that person and never touches your will.

What a trust does

A revocable living trust is a legal structure that holds your assets during your lifetime and distributes them after your death — without going through probate. You remain in control of the assets while you're alive and can change or revoke the trust at any time.

When you create a trust, you fund it by retitling assets into the trust's name. Your house, bank accounts, and investments go from being owned by "Jane Doe" to being owned by "The Jane Doe Living Trust." At your death, the trustee (often a family member or attorney) distributes those assets according to the trust's terms — no court required.

An unfunded trust is a useless trust

Many people pay to create a trust and then never retitle their assets into it. At death, those assets go through probate anyway. Creating a trust is step one. Funding it is step two, and it's where the process breaks down most often.

The key differences

Probate

A will goes through probate. A trust does not. In states where probate is expensive, slow, or public (California is the most notorious example), avoiding it is a significant advantage. In states where probate is relatively simple and cheap, it matters less.

Privacy

A will becomes public record when it enters probate. A trust is private — only the trustee and beneficiaries need to know what's in it. If privacy matters to you, that's a real consideration.

Cost

A basic will typically costs $300–$600 through an attorney, or much less through an online service. A revocable living trust runs $1,500–$3,000 or more. The trust costs more to create but may save money at death by avoiding probate fees.

Incapacity planning

A will only takes effect at death. A trust can also govern what happens if you become incapacitated — who manages your assets if you can't. This is a meaningful advantage of trusts that often gets overlooked in the will-vs.-trust framing.

Who needs what

A simple will is probably enough if:

  • You're young, have modest assets, and no minor children
  • You live in a state where probate is not burdensome
  • Most of your assets have beneficiary designations already (retirement accounts, life insurance)
  • You don't have significant privacy concerns about your estate

A trust is worth considering if:

  • You own real estate, especially in multiple states
  • You live in California, or another state with expensive/slow probate
  • You have minor children and significant assets to pass to them
  • You want privacy — no public probate record
  • You want a plan for incapacity, not just death
  • You have a blended family or complicated beneficiary situation

You need both regardless

Even if you create a trust, you still need a will — specifically a "pour-over will" that catches any assets you forgot to put in the trust and directs them there at death. A trust alone is not a complete estate plan.

What neither one controls

Wills and trusts only control assets that don't already have a designated path. These pass directly to named beneficiaries regardless of what your will says:

  • Life insurance death benefits
  • 401(k), IRA, and other retirement accounts
  • Bank accounts with a TOD (transfer on death) designation
  • Property held in joint tenancy with right of survivorship

This is why keeping beneficiary designations current is just as important as having a will. If your ex-spouse is still listed as beneficiary on your 401(k), they get it — regardless of your will, your trust, or your divorce decree.

How to get one

Online services

For a simple will, services like Trust & Will, Fabric, or LegalZoom are reasonable options — typically $100–$200. They're appropriate for straightforward situations: single person, married couple, modest assets, no complex family dynamics.

Estate planning attorney

For anything involving real estate, significant assets, minor children with complex needs, business interests, or a trust, hire an attorney. The cost is worth it. Ask for a flat-fee quote upfront.

Either way, do it now

A basic will done today is better than a perfect trust done never. Start with what you can execute this week and revisit when your situation changes.