When building an estate plan, many people wonder whether they need a Will, a Trust, or both. While these tools can work together, they serve different purposes and offer unique benefits.
This article outlines the key differences between a Last Will and Testament and a Revocable Living Trust to help you make informed decisions when planning your estate.
What Is a Will?
A Will is a legal document that outlines your wishes for what happens after your death. It plays a central role in any estate plan and allows you to:
Distribute your assets to named beneficiaries
Name guardians for your minor children
Appoint an Executor to manage your estate
Key Points About Wills:
Must go through probate, a legal process managed by the court
Becomes part of the public record once filed
Can be updated or amended as your circumstances change
Only takes effect after your death
Useful for naming guardians for minor children
→ Related: What Is a Last Will and Testament?
What Is a Trust?
A Revocable Living Trust is a legal entity that holds and manages your assets during your lifetime and distributes them after your death—without going through probate.
Key Benefits of a Trust:
Avoids probate, allowing for faster and more private distribution
Allows for ongoing management of assets (e.g., for minor children or special needs beneficiaries)
Can include age-based distribution instructions
Stays private—not filed with the court
Can be revoked or updated at any time while you're alive and mentally competent
→ Related: What Is a Revocable Living Trust?
Will vs. Trust — Quick Comparison
Feature | Will | Revocable Living Trust |
Goes into effect | After death | Immediately upon creation |
Requires probate | Yes | No (if properly funded) |
Public or private | Public (once filed with court) | Private |
Names guardians for minors | Yes | No |
Distributes assets | Yes | Yes |
Ongoing asset management | No | Yes (long-term oversight is possible) |
Can be updated/revoked? | Yes | Yes (if revocable) |
Do I Need Both?
In most cases, using a Will and a Trust together provides the most complete protection:
Your Will acts as a backup, including a Pour-Over provision to catch any assets not placed into the Trust
Your Trust manages and distributes your major assets outside of probate
→ Related: What Is a Pour-Over Will?
→ Related: Should I create a Will and Trust?