Learn Why a Will Alone May Not Be the Best Choice
Will vs. Trust: What's the Difference?
Understanding the differences between a Will and a Revocable Living Trust is crucial to making the right choice for your unique needs and circumstances. To make the decision easier, we've created a side-by-side comparison so you can see which option best fits your goals.
A Will
A Will is a document that directs how your assets are distributed at the time of your death. A Will allows you to:
Specify how you want to divide your assets and who will inherit them
Name a personal representative to oversee the probate of your estate
Designate a guardian to care for your minor children
A Revocable Trust
Revocable Living Trusts are for everyone, not just the wealthy. They offer benefits that go far beyond estate tax considerations. With a Revocable Living Trust, you gain:
Control and enjoyment of your property, even during incapacity, without probate court involvement
The power to direct how your assets are distributed, so your wishes are followed without unnecessary delays or court interference
Protection for your loved ones' inheritance from financial immaturity, creditors, and divorce, plus potential estate tax savings
Side-by-Side Comparison
Will vs. Trust Chart
See how a simple Will and a Revocable Trust compare on the issues that matter most to families.
Planning for Incapacity
âś• Simple Will
The Probate Court has control. A Will only takes effect at death and can't be used if you become incapacitated, so someone must petition the Probate Court for authority to handle your financial affairs.
âś“ Revocable Trust
You maintain control, with a seamless transition. Your successor trustee manages your financial affairs according to your instructions, without Probate Court involvement.
Probate (at Death)
âś• Simple Will
A Will guarantees probate. The Probate Court oversees the administration of your estate, and significant documentation must be prepared and filed with the court.
âś“ Revocable Trust
A properly drafted and funded Revocable Trust allows the assets it holds to avoid probate, without Probate Court intervention.
Court Costs & Legal Fees
âś• Simple Will
Probate court costs and legal fees can be significant.
âś“ Revocable Trust
Typically no court costs. Legal fees are generally needed only if you'd like an attorney to help administer the trust.
Privacy
âś• Simple Will
Probate proceedings are public record, which can expose your family to disgruntled heirs and unscrupulous solicitors.
âś“ Revocable Trust
Trusts are generally not public record, so your trustee and family can take care of your financial affairs privately.
Time
âś• Simple Will
The probate process can be lengthy and time-consuming, often 12 to 18 months or more.
âś“ Revocable Trust
Often just a few weeks. Larger estates may take longer for estate tax filings or dividing assets into new trusts.
Estate Tax Planning
âś• Simple Will
Limited opportunities to minimize or eliminate federal and Massachusetts estate taxes.
âś“ Revocable Trust
A properly drafted Revocable Living Trust can include provisions to minimize or eliminate federal and Massachusetts estate taxes.
Controlled Distribution of Assets
âś• Simple Will
A simple Will typically provides for outright distributions only.
âś“ Revocable Trust
You control the distribution of your assets: to whom you want, the way you want, and when you want.
Planning for Minor Children
âś• Simple Will
The Probate Court controls your child's inheritance. A guardian must be appointed, financial decisions require court approval, and all assets are distributed outright to your child at age 18.
âś“ Revocable Trust
You maintain control. The court approves the guardian but has no control over your child's inheritance. The trustee you choose manages it, provides for medical care, education, and other needs, and distributes assets only at the ages or milestones you specify.
Flexibility & Control
âś• Simple Will
Very limited control, since a Will doesn't take effect until you die. You can write a new Will as circumstances change, but Wills can be easier to contest.
âś“ Revocable Trust
You keep control of your assets while you're able. If you become incapacitated, the people you hand-picked step in according to your instructions. You can change or revoke your trust at any time, and trusts are generally more difficult to contest.
Asset Protection
âś• Simple Will
No asset protection. Outright distributions leave your heirs' inheritance exposed to their creditors, predators, lawsuits, and ex-spouses in a future divorce.
âś“ Revocable Trust
Assets can be held in trust after your death, helping protect your heirs' inheritance from creditors, predators, lawsuits, and ex-spouses in a future divorce.
Frequently Asked Questions
Questions About Wills and Trusts
What is a revocable trust?
As the foundation of the modern estate plan, a Revocable Trust helps you control how your assets are managed and used while you're alive and well, if you become incapacitated, and after you die. Benefits include avoiding probate, planning for incapacity without court oversight, protecting assets, controlling distributions to beneficiaries, and keeping your affairs private. Learn about the benefits of a revocable trust.
Do I still need a will if I have a trust?
Yes. A trust-based plan typically includes a "pour-over" Will, which directs any assets left outside your trust into it, and is also where parents name a guardian for minor children. Your trust does the heavy lifting, and your Will acts as a safety net.
What is probate?
Probate is the process in which the Probate Court supervises the transfer of assets from a person who has passed away to the new lawful owners. It is often a long, frustrating, and expensive process. Much of our practice is devoted to using trusts and other planning tools to help clients avoid probate altogether, and for families who did not plan ahead, we guide them through the process. Learn more about probate.
How do I know which is right for me?
It depends on your family, your assets, and your goals. During your Initial Planning Meeting, we'll learn about your circumstances, explain your options clearly, and help you choose the plan that gives you peace of mind. See why everyone needs an estate plan.
Take the First Step
Find the Right Plan for Your Family
Not sure whether a Will or a Trust is right for you? Schedule a free consultation, and you'll work directly with Attorney Rosenfield from day one.