Estate Planning 101: Do You Need a Will, a Living Trust—or Both?

Most people are familiar with a “last will and testament,” even if they don’t know all the legal benefits and drawbacks. There are other options for estate planning, though, including a “living trust,” and it’s important to know the key differences so you can decide which is right for you.

Wills

• Take effect only after your death.

• Let you name guardians for minor children.

• Serve as a back-up for anything not titled in your trust (often via a pour-over will).

• Don't help during incapacity (separate documents like durable powers of attorney and health directives cover that).

• Become part of the public record once filed in probate.

• Can be contested, though a valid challenge still requires legal grounds.

• Can be drafted without an attorney, but DIY comes with risks due to technical requirements.

• Usually require two witnesses for validity; notarization isn’t required for the will itself, though a notarized self-proving affidavit can make probates smoother.

Living Trusts (Revocable)

• Take effect while you’re alive and continue after your death.

• Can help avoid probate for assets that are properly funded (retitled) into the trust.

• Cannot name guardians for minor children (that belongs in your will).

• Control only what’s explicitly placed in the trust.

• Provides seamless management of trust assets if you become ill or incapacitated (via a successor trustee), but they do not protect those assets from creditors or long-term-care, spend-down rules.

• Generally remain private (unlike wills filed in probate).

• Are often harder to challenge than wills, though contesting, is still possible.

• Are more complex and expensive to set up and maintain than a simple will.

• Are typically notarized, and many people work with an attorney to draft and fund them; neither is legally mandated everywhere, but both are common.

Bottom line:

A living trust isn’t a strict replacement for a will. In many cases, having both makes sense: a will (to name guardians and catch anything outside the trust) and a revocable living trust (for privacy, probate avoidance on funded assets, and smooth management during incapacity).

If you have questions about your own estate plan, talk with a local estate-planning attorney to address your specific situation.