The Basics: What a Will Does
A last will and testament names an executor to administer your estate, appoints guardians for minor children, and directs how your assets should be distributed after you pass away. A will only takes effect at death, and in Ohio it must go through the probate court process before assets can be distributed to your beneficiaries.
The Basics: What a Trust Does
A revocable living trust is a separate legal entity that holds title to your assets during your lifetime, managed by a trustee (often yourself, while you’re able) for the benefit of named beneficiaries. Because the trust, not you individually, owns the assets, those assets generally pass to your beneficiaries without going through probate court.
Key Differences at a Glance
- Probate: assets left through a will typically go through probate; assets held in a trust generally avoid it
- Privacy: a probated will becomes a public court record; a trust’s terms generally stay private
- Cost: trusts often cost more to set up initially but can reduce administration costs and delays later
- Incapacity planning: a trust allows a successor trustee to step in immediately if you become incapacitated; a will offers no such protection during your lifetime
- When it takes effect: a will only works after death; a trust can manage your affairs while you’re alive and after
Who Typically Needs a Trust
- Owns real estate in more than one state
- Wants to avoid the time and cost of probate
- Values keeping their financial affairs private
- Has a blended family or wants more control over how and when beneficiaries receive assets
- Wants a plan in place in case of future incapacity
- Has a beneficiary with special needs who requires carefully structured support
Who Typically Just Needs a Will
For many people with simpler estates, such as a single home, straightforward beneficiaries, and no immediate concerns about privacy or incapacity, a well-drafted will is entirely sufficient. That said, even people who set up a trust still need a will (often called a pour-over will) to catch any assets that were never formally transferred into the trust.
Building the Right Plan for You
There is no universal answer to the will-versus-trust question. The right approach depends on the size and complexity of your estate, your family situation, and your goals for privacy and control. Many clients also benefit from pairing their plan with other tools, such as a durable power of attorney or a healthcare directive, so that someone you trust can make decisions on your behalf if you’re ever unable to do so yourself.
Our estate planning team can walk you through your options and help you build a plan that actually fits your life, whether that means a straightforward will, a comprehensive trust-based plan, or something in between.
