Should I Use a Will or a Trust for My Estate Planning?

Should I Use a Will or a Trust for My Estate Planning?- A will and a trust are two different estate planning instruments serving different roles in an estate plan. The question isn’t either or, says a recent article, “Trust vs. will: Which is better for your estate plan?” from The Tahlequah Daily Press.

Both wills and trusts address how assets are distributed. Everyone needs a will; many people benefit from a trust and others use both.

In addition to distributing assets after death, a will also names guardians for minor children and identifies the executor who administers the estate after the testator’s passing. Most people have a traditional last will and testament to distribute assets they own in their own name only.

Assets owned jointly or assets with beneficiary designations do not pass to heirs through the will. The will should include real estate, bank accounts, personal property, investment account. and assets with no named beneficiaries.

If there is no will, a court will decide how to distribute assets and who will raise minor children.

A will won’t avoid probate. Assets passed by a will go through this court process, which also includes having the court validate the will and approve the executor. The will then becomes part of the public record, meaning any interested party can read it. The will only becomes effective after the testator dies and the court approves it. It has no effect if the person is incapacitated.

A trust is a legal vehicle used to hold and manage assets for the benefit of heirs, with its terms dictated by its terms. Trusts can be used to distribute assets while the person who creates the trust is alive, so they serve pre- and post-mortem purposes. How the trust is structured depends upon what it seeks to achieve.

Should I Use a Will or a Trust for My Estate Planning?

For a grantor who wants control of the assets in the trust while they are alive, a living trust is appropriate. They can name a successor trustee to take over the trust if they become incapacitated or when they die. This allows a person to be named to manage the assets after death without court involvement.

The beneficiaries are the people or organizations, typically charities, who receive the assets held by the trust. The trust can be structured in any number of ways to control how much, when, and to whom the assets are distributed.

For a family with a disabled individual, a Special Needs Trust can be created to hold assets for needs not covered by government benefits. This allows the individual to access more than basic needs and to prepare for a time when parents are no longer able to care for them.

Both trusts and wills need to be created with the help of an experienced estate planning attorney. They will help the family or the individuals determine which assets are best held in a will and which belong in a trust. For a simple, modest estate, a will may be enough. However, if the goal is to plan for incapacity, the family situation is complicated, or the estate is large, both wills and trusts may be strategically created to work together.

A final word: wills and trusts should be reviewed periodically to ensure that they still meet the family's needs. Changes to the family and to the law could turn an excellent estate plan from one decade into a disaster ten, twenty, or thirty years into the future. Review these documents regularly to ensure that they remain applicable and don’t miss any opportunities.

Schedule your phone consultation: THE LAW OFFICES OF CLAUDE S. SMITH, III

Should I Use a Will or a Trust for My Estate Planning?

Reference: Tahlequah Daily Press (Aug. 16, 2026) “Trust vs. will: Which is better for your estate plan?”