When it comes to estate planning, many people ask: Do I need a will, a trust, or both?Understanding the differences between these two tools — and how they work together — is key to protecting your family and your assets. We help clients in New York and New Jersey create smart, personalized plans that give them peace of mind.
Wills vs. Trusts: Side-by-Side Comparison
| Feature | Will | Revocable Living Trust |
|---|---|---|
| Goes into effect | After death | Immediately upon creation |
| Avoids probate? | ❌ No — must go through probate court | ✅ Yes — avoids probate if properly funded |
| Private or public? | 📂 Public record after death | 🔒 Private document — not filed in court |
| Names guardians for minor children | ✅ Yes | ❌ No (requires a will for that) |
| Effective if you become incapacitated? | ❌ No | ✅ Yes — allows management of assets |
| Cost | 💲 Lower initial cost | 💲💲 Higher upfront cost, but may save in the long run |
| Can help reduce estate taxes? | ❌ Limited options | ✅ Can be structured for tax savings |
When to Use a Will
A will is a great starting point for many families. It allows you to:
- Direct how your property should be distributed
- Name guardians for your children
- Choose an executor to manage your estate
However, a will alone won’t avoid probate — and it won’t help if you become incapacitated during your lifetime.
When a Trust Might Be Better
A revocable living trust gives you more flexibility and control:
- Keeps your estate out of probate
- Manages your assets if you become incapacitated
- Keeps your financial matters private
- Helps with planning for blended families or special needs
Can You Have Both?
Yes! Many families benefit from having both a will and a trust. A trust can handle most of your estate, while a simple will (called a pour-over will) acts as a safety net — catching any assets not titled in the trust and ensuring they’re distributed according to your wishes.
Not Sure Which Is Right for You?
Let’s talk — it’s free.
We’re offering a 15-minute phone consultation with an experienced estate planning attorney. In just a few minutes, we can help you understand your options and start building the right plan for you and your family.
Or call us at (646) 499-5700