Savvy Senior: I have a will ?do I also need a trust?
Source
American Shipper
Post Date
06/01/2026
A will is one of the most important tools in estate planning, but many people wonder if it? enough, or if adding a trust makes sense.
My wife and I were recently talking about updating our will and wondered if we should also set up a trust. How do we know if we need one?
That? an excellent question. A will is one of the most important tools in estate planning, but many people wonder if it? enough, or if adding a trust makes sense. The answer deps on your finances, your family situation, and what you want your plan to accomplish. Here? a simple way to think about it. What a will does A will spells out who gets your assets after you pass away. It also names an utor to carry out your wishes and can designate a guardian for minor children. The downside is that a will must go through ?probate?, which is the court process that validates it and oversees distribution. Probate can take months and, in many states, becomes part of the public record. What a trust adds A trust works a little differently. A revocable living trust holds your assets during your lifetime and directs how they?l be distributed after your death, without going through probate. Unlike a will, it stays private and lets a successor trustee step in immediately if you can? manage your finances, which is useful in cases of illness, injury or dementia. Trusts can also help with complicated family situations, such as bled families or children with special needs, giving you more control over who gets what and when. The biggest challenge is that you have to move your accounts and property into the trust yourself, which takes time and care. Most people who a trust also keep a simple ?our-over will?to catch anything that wasn? transferred. Because trusts are more complex, they usually cost more than a will. Attorneys typically ge $1,000 to $3,000 for a trust versus $300 to $1,200 for a will, although costs vary deping on the estate and location. You can use do-it-yourself options like Quicken WillMaker & Trust, Trust & Will or LegalZoom to save money, but they?e generally best for simple situations. If your finances or family circumstances are more complicated, hiring an attorney is usually worth the cost. When a trust makes sense You might benefit from a trust if you own real estate ?especially in more than one state ?and want to avoid the costs and delays of probate or prefer to keep your estate matters private. It? also helpful if you have a larger estate, a bled family or want to ensure someone can manage your finances if you become incapacitated. When a will may be enough If your estate is relatively small, your family situation is simple, and most of your assets already have named beneficiaries ?such as life insurance, IRAs or bank accounts with pay-on-death or transfer-on-death designations ?a will may be all you need. Some states also offer simplified probate for small estates, which can make the process quicker and cheaper. You don? need a trust just because you have a will. But if avoiding probate, protecting privacy or managing assets during incapacity is important to you, a trust is worth considering. Even a modest estate can benefit from a clear plan.
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Savvy Senior: I have a will ?do I also need a trust?..
