Wills and trusts ensure your assets pass to heirs according to your wishes. You may want to use a will if you're married, have children, or own property. Setting up a trust is an extra step that makes sense if you have a large or complicated estate and/or need more control over how your assets are distributed.

How wills and trusts work

Wills outline how assets should be managed upon your death, including guardianship of your children, distribution of property, charitable donations, and whom you choose to serve as your executor (the person who ensures your wishes are carried out). Trusts make sure your assets go to the right beneficiaries in the way you choose. Trusts need to be funded, which means that the various assets housed within a trust—property, investments, retirement, and bank accounts—must be properly titled to be in the name of the trust.

Pros and cons of each option

A will directs who'll receive your property at your death and appoints a legal representative to carry out your wishes. A trust can begin distributing property before, at, or after death.

A will covers any property in your name when you die. A trust covers only property that's been transferred to it.

A will passes through probate—a court-supervised process overseeing the administration of the will—ensuring it is valid and that property gets distributed the way you wanted. Assets properly titled in a trust generally pass outside probate, which can save time and administrative costs. Notably, a trust can remain private, while a will becomes part of the public record.

A will allows you to nominate guardians for minor children and may include funeral preferences, although separate written instructions are often more practical because wills may not be reviewed until after funeral arrangements are made. A trust can be used to plan for disability and, depending on the type of trust, may provide estate, gift, or asset-protection benefits.

Wills don't avoid estate taxes, though federal estate tax applies only to assets over $15 million for individuals and $30 million for married couples in 2026.

Certain irrevocable trusts can provide tax benefits and creditor protection, depending on the trust structure and applicable state law. Trusts may be more difficult to challenge successfully in some circumstances, particularly when they are established and administered during the grantor's lifetime. Trusts can provide for the continued management of assets if you become incapacitated, avoiding the need for certain court-supervised proceedings.

Some trusts allow you to change beneficiaries and assets so long as you're alive and physically and mentally able to do so. You can name yourself as a trustee and appoint a co-trustee.

Wills can be relatively affordable, while trusts, which are more complicated, can cost more but give you more control over your assets. You can take advantage of both wills and trusts in your estate planning, using a will to name guardians and stipulate your final wishes and a trust to provide for managing and distributing your assets.

Keep in mind that some assets, such as retirement accounts and life insurance policies, must pass through beneficiary designation and take priority over both wills and trusts. Additionally, your assets must be transferred into your trust, or they will be of no benefit to your estate, as trusts must be funded.

Have questions?

Consulting with qualified estate planning professionals is the best option for determining how best to use both a will and a trust in your estate plan. Contact our Estate Planning team to learn more about how we can help.

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