Side by side
| Will | Revocable living trust | |
|---|---|---|
| Avoids probate | No | Yes, for assets in the trust |
| Names a guardian for kids | Yes | No: you still need a will |
| Private | No: probate is public | Mostly private |
| Typical lawyer cost | Often a few hundred dollars to about $1,000 | Often $1,000-$3,000+ for a plan |
| Upkeep | Update after big life changes | Must retitle assets into the trust |
| Covers incapacity | No | Yes: successor trustee can manage assets |
Who usually needs a trust
- You own real estate, especially in more than one state.
- Your state’s probate is slow or expensive.
- You want privacy, or have a blended family or a beneficiary who needs managed money.
Who may be fine with a will
Younger people with modest assets, where most property passes by beneficiary designation (retirement accounts, life insurance) or joint ownership.
Most people with a trust also need a will
A “pour-over” will catches anything left outside the trust and names guardians. Start with a free will template or talk to an estate planning lawyer.
