Will vs. Trust: Why You May Need Both
Estate planning doesn’t have to be scary. Whether you’re building wealth for the first time, buying your first home, or looking ahead for your family’s future, understanding the difference between a will and a trust is a powerful step toward peace of mind. These tools are not just for the wealthy—they’re for everyone who wants to protect their loved ones and their legacy.
At B’resheet, we believe everyone deserves access to the knowledge and tools that build lasting stability. In this post, we’ll walk you through what wills and trusts are, how they differ, and why having both might be the best choice for your family.
What Is a Will?
A will is a legal document that outlines what should happen to your property, money, and minor children after you pass away. It’s often the first step in estate planning.
Key Features of a Will:
- Name a guardian for your minor children
- Explains who gets your belongings
- Can include funeral and burial wishes
- Goes through probate (a court process)
Important to know: A will only goes into effect after you die, and it must go through probate court, which can take time and money.
What Is a Trust?
A trust is a legal arrangement that lets you place assets—like a home, bank account, or life insurance—into a “holding” managed by a trustee (which could be you or someone you choose).
Key Features of a Trust:
- It can take effect while you’re still alive
- Helps avoid probate
- Offers more privacy and control
- Allows someone to manage your affairs if you become ill or disabled
Revocable vs. Irrevocable:
- A revocable trust lets you keep control and make changes
- An irrevocable trust offers more protection but less flexibility
Will vs. Trust: Key Differences
Feature | Will | Trust |
Goes into effect | After death | During life or after death |
Probate required | Yes | No (in most cases) |
Public record | Yes | No |
Names guardians | Yes | No |
Protects if disabled | No | Yes |
Do I Need Both a Will and a Trust?
In many cases, yes. A will and a trust serve different but complementary purposes.
Here’s why you may want both:
- A will ensures your final wishes are clearly stated and legally recognized.
- A trust helps you avoid probate and gives someone the power to act on your behalf if you’re incapacitated.
Together, they create a more comprehensive and effective plan.
Ready to Protect Your Legacy?
Whether you’re buying your first home, raising a family, or preparing for the future, we’re here to help. Contact B’resheet to get free guidance, access trusted resources, or connect with community legal clinics.
👉 Schedule a Free Estate Planning Info Session
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👉 Learn About End-of-Life Planning
Frequently Asked Questions
What happens if I die without a will or trust?
If you pass without a will or trust, state laws decide what happens to your belongings. This can delay things and leave out people you care about.
Can I write my own will or trust?
You can, but it’s risky. Mistakes can make your documents invalid. It’s better to work with a professional or use legal aid services designed for your state.
Is a trust only for the wealthy?
Not at all! Trusts can protect small estates, homes, life insurance, or even checking accounts. They’re especially helpful for single parents, seniors, or anyone with specific wishes.
Can I name guardians in a trust?
No, guardianship for minor children must be named in a will.
How long does probate take?
Probate can take months or even over a year, depending on the size of the estate.
What assets go into a trust?
Homes, bank accounts, life insurance, stocks, and even personal belongings can be placed into a trust.
Do I need a lawyer to create a trust?
It’s highly recommended to ensure it’s done correctly and legally.