Key Takeaways
- A will explains who receives your assets and who should care for minor children.
- A trust can hold assets during your lifetime and pass them on without probate.
- Many families use both. Which tools fit your situation is a conversation for a qualified attorney.
01What is a will?
A will is a written document that explains what you want to happen after you pass away. It names who should receive your belongings, who should carry out your wishes (your executor), and who should care for any minor children.
A will only takes effect after death, and assets controlled by a will may require a court process called probate before they are distributed.
02What is a trust?
A trust is a legal arrangement that holds assets for the people you choose. A revocable living trust is created while you're alive, and you typically stay in control of everything in it.
A living trust may help avoid probate, but only for assets that are properly transferred to and funded into the trust. Assets left outside the trust may still go through probate. Families often find a funded trust makes the transfer process simpler and more private.
03Which one is right for you?
There's no universal answer — it depends on your family, your assets, and your goals. An estate-planning attorney can help you understand which approach fits your situation. Legacy Wave's role is to help you arrive at that conversation informed and confident.
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SCHEDULE A LEGACY REVIEWThis article is educational only and is not legal, tax, investment, or financial advice. Estate-planning documents and legal advice should be provided by a qualified attorney.