Will vs. Trust: What's the Difference?
A will says who gets your property after you die and usually goes through probate court. A revocable living trust holds property you transfer into it, can be managed for you if you become unable to, and its assets generally pass without probate. Many people use both.
What the law says
- A will is a legal paper that lists a person's wishes about what will happen to their property after death. California Courts Self-Help, Wills and estates terms
- A trust is an arrangement where property is held by someone for the benefit of another person; a living trust is created during the person's lifetime. California Courts Self-Help, Wills and estates terms
- A revocable living trust can give a trustee authority to manage the property in the trust if you become sick or injured, and also says who gets the property after you die. CFPB, Managing Someone Else's Money: Help for trustees under a revocable living trust
- A trust has three roles: the person who makes it (settlor, grantor, or trustor), the trustee who manages it, and the beneficiaries who receive from it. You can be your own trustee and name a successor trustee. CFPB, Managing Someone Else's Money: Help for trustees under a revocable living trust
- A trustee has authority only over property actually transferred into the trust; a living trust is ineffective unless property is put into it. CFPB, Managing Someone Else's Money: Help for trustees under a revocable living trust
- While you can still make decisions and the trust allows it, you can change or revoke a revocable trust; it typically becomes irrevocable when you become incapacitated or die. CFPB, Managing Someone Else's Money: Help for trustees under a revocable living trust
- Property held in a revocable trust generally passes without probate. Alaska Court System Self-Help, Probate background information
- An estate may need to go through probate even if the person had a will. California Courts Self-Help, Probate
- A will can name a guardian for minor children. Alaska Court System Self-Help, Wills
- A will can be used to create a trust. Alaska Court System Self-Help, Wills
How to file a complaint
Neither document is filed with a court while you are alive in most cases. A will is delivered to the probate court after death. A trust must be funded by retitling assets into the trust's name. Because trust and will rules come from state law, consider an estate planning lawyer. CFPB, Managing Someone Else's Money: Help for trustees under a revocable living trust
FAQ
Does a trust avoid probate?
If I have a trust, do I still need a will?
Can I change a living trust?
Does a will avoid probate?
Related
- Do I Need a Lawyer to Make a Will?
- How Much Does a Probate Lawyer Cost?
- How to Make a Will
- What Is a Durable Power of Attorney?
- What Is a Living Trust?
- What Is a Medical Power of Attorney?
- What Is a Power of Attorney?
- What Is a Quitclaim Deed?
- What Is an Executor?
- What Is Probate?
- Wills, Estates & Deeds by state
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.