Trust vs Will

Will (simple, $200-500)

• Says who gets your stuff when you die.
• Goes through PROBATE (public court process).
• Probate takes 6-18 months and costs 3-7% of estate.
• Only effective AFTER you die.
• Best for: simple estates under ~$500k, no minor kids.

Revocable Living Trust ($1,500-5,000)

• You move your assets INTO the trust while alive.
• You\'re still in control as "trustee".
• Skips probate when you die — assets transfer privately to heirs in days, not months.
• Manages your assets if you become incapacitated.
• Best for: estates over $500k, real estate, blended families, privacy concerns.

When you NEED a trust (not just want)

• Real estate in multiple states (avoids multi-state probate).
• Estate over your state\'s estate tax limit.
• Special needs heir (special needs trust protects benefits).
• Concerns about minor children inheriting.
• Want strict control over WHEN heirs get money.
• Privacy — trust contents stay private; wills become public.

When a will is enough

• Single state. Estate under your state\'s probate limit.
• Simple family — straightforward heirs.
• Most assets pass via beneficiary anyway (retirement accounts, life insurance, payable-on-death bank accounts).

Many states have "small estate" or "summary probate" for under $50-150k — fast, cheap, no lawyer.

Beneficiaries beat wills

For 401(k), IRA, life insurance, and bank accounts with "payable on death" — the BENEFICIARY designation overrides your will. Update beneficiaries directly with each company. Free.

Many seniors have outdated beneficiaries (ex-spouse, deceased relatives). Take 30 minutes to update. More important than re-doing the will.

Hybrid — pour-over will + trust

If you set up a trust, you also have a "pour-over will" that catches anything not formally moved into the trust. Common combo. Your attorney handles both.