I Have a Will — Do I Need a Trust Too?
What a Will Does
A last Will & trust plan allows you to:
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Name guardians for minor children
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Direct how your assets should be distributed
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Appoint a personal representative (executor) to carry out your wishes
But here’s the catch: a will only becomes effective after your death and must go through probate—a court-supervised process that can be slow, public, and expensive.
The Limitations of a Will
Even a well-drafted will comes with some drawbacks:
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Probate: Your estate will go through the court system, which can take months or even years to finalize.
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Costs: Probate can eat up your estate’s value in legal fees, court costs, and executor commissions.
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Public Record: Wills become public documents, meaning anyone can view the details of your assets and heirs.
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No help during incapacity: A will does nothing if you become incapacitated. It only kicks in after death.
This is why many people explore a Will & trust strategy to better protect their loved ones.
Why a Trust Might Make Sense
A revocable living trust is a legal document that holds your assets while you’re alive and distributes them after your death—without going through probate.
Key Benefits of a Trust:
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Avoids probate: Assets in a trust bypass the court process entirely.
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Maintains privacy: Unlike a will, a trust isn’t filed in court and stays private.
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Manages incapacity: If you become incapacitated (due to illness or injury), your successor trustee can manage your assets without court involvement.
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Faster distribution: Heirs may receive their inheritance much more quickly.
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Provides control: You can control how and when your beneficiaries receive their inheritance (e.g., gradual payouts, conditions, protections from creditors or divorce).
When thoughtfully created, a Will & trust structure offers flexibility and peace of mind.
So, Do You Need Both?
In most cases, yes—a Will & trust combination works together effectively:
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The trust holds and manages your assets.
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The “pour-over will” acts as a safety net, directing any assets not already in the trust to be transferred into it at your death.
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You still need a will to name guardians for your children (a trust can’t do that).
A Will & trust ensures your full estate plan is both complete and adaptable.
When a Trust Is Especially Important
You should strongly consider establishing a Will & trust if:
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You own real estate in more than one state (to avoid multiple probates)
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You want to delay or control how assets are distributed
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You have privacy concerns
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You are worried about incapacity
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Your estate is valued above the federal or state estate tax threshold
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You have a special needs child
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You want to avoid court involvement altogether
A Will & trust setup is especially valuable in complex family or financial situations.
Final Thought
A will is a good start. But if you want to keep your affairs private, avoid delays and costs, and prepare for incapacity, a Will & trust approach is often the better—and more comprehensive—solution.
Most people benefit from having both. Together, a Will & trust plan helps ensure that your wishes are honored and your loved ones are protected—during life and after.
