Will vs Trust: Which Do You Need?
Wills are simpler and cheaper but go through probate. Trusts cost more upfront but avoid probate, provide privacy, and offer more control over asset distribution.
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| Criteria | Last Will & Testament | Living Trust | Winner |
|---|---|---|---|
| Cost | $300-$1,200 | $1,500-$7,000 | Will |
| Avoids Probate | No | Yes | Trust |
| Privacy | Public record after death | Private document | Trust |
| Incapacity Protection | No (need separate POA) | Yes (successor trustee) | Trust |
| Complexity | Simple to create | Must be properly funded | Will |
Our Verdict
A will is sufficient for simple estates under $500,000 without real estate in multiple states. A trust is recommended for larger estates, real estate owners, blended families, and anyone wanting to avoid probate.
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Frequently Asked Questions
Do I need both a will and a trust?
Yes. Even with a trust, you need a 'pour-over will' to catch any assets not transferred to the trust during your lifetime.
At what net worth should I get a trust?
Consider a trust if you own real estate, have assets over $200,000, or want to avoid probate costs (which can be 3-7% of estate value).