Will or a Living Trust or Both? Here's How to Decide

July 17, 2025

When it comes to planning for the future, many people are unsure whether they need a will, a living trust, or both. While both tools serve to distribute your assets after death, they function in different ways and are suited to different needs. Understanding the key differences can help you decide what’s right for you and your family.

What Is a Will?

A will is a legal document that outlines your wishes for how your property should be distributed after your death. You can also name a guardian for minor children and appoint an executor to handle your estate. A will becomes effective only after your death and must go through probate, a court-supervised process that validates the document and oversees the distribution of assets.

What Is a Living Trust?

A living trust (or revocable trust) is a legal arrangement where you transfer your assets into a trust during your lifetime. You manage the trust as the trustee and can change or revoke it at any time. Upon your death (or if you become incapacitated), a successor trustee takes over and manages or distributes the assets according to your instructions—without going through probate.

When a Will Might Be Enough

For many people, a simple will is sufficient. You may not need a trust if:

●     Your estate is small and uncomplicated. If your total assets fall below your state’s small estate threshold (often $50,000–$150,000), probate may be simple or even avoidable.

●     You don’t mind probate. While probate can be time-consuming, it’s not always the nightmare it’s made out to be. In some states, it’s relatively straightforward.

●     You’re mainly concerned with naming guardians. Only a will allows you to legally appoint a guardian for minor children.

●     You have straightforward asset distribution goals. If you want everything split evenly between heirs and don’t anticipate disputes, a will may meet your needs.

When a Living Trust Might Be Better

A living trust may be the better choice if:

●     You want to avoid probate. Avoiding probate can save your family time, money, and privacy. Assets held in a trust are distributed privately and often more quickly.

●     You own property in multiple states. A trust can help you avoid probate in each state where property is located.

●     You want control over how and when assets are distributed. For example, if you want your children to receive their inheritance in stages (e.g., at age 25, 30, and 35), a trust gives you that control.

●     You’re concerned about incapacity. A living trust can help manage your affairs if you become incapacitated, allowing your successor trustee to step in without court intervention.

●     You want to keep your affairs private. Unlike wills, which become public record through probate, trusts remain private.

Do You Need Both?

In many cases, people choose to have both a will and a living trust. The trust manages assets while you are alive and distributes them after you die. The will covers any assets not in the trust.

This is called a “pour-over” will. It also names guardians for your children. This dual approach is commonly used to help address both asset transfer and guardianship concerns.

Final Thoughts

Deciding between a will and a living trust comes down to the complexity of your estate, your goals for privacy and control, and whether avoiding probate is a priority. A will is often enough for people with modest estates and simple wishes. A living trust is typically better for those with larger or more complex estates, or who want to streamline the transfer of assets.

Either way, estate planning is not one-size-fits-all. Consulting with an estate planning attorney or financial advisor can help you make the best choice based on your individual circumstances. The most important step? Getting started—so your legacy is protected, and your loved ones aren’t left guessing.

Sources:

https://www.thepennyhoarder.com/general/how-to-tell-if-you-need-a-living-trust-or-a-will/

Disclosure:

This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.

This material is provided as a courtesy and for educational purposes only.

These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. Neither the named Representative nor Advisory Services Network, LLC gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your legal, tax or financial advisor for further information.