Will or Revocable Living Trust – Which is Best for Me?

One of the first decisions you’ll make when creating an estate plan is whether to rely on a Will or to use a Revocable Living Trust. There’s no correct answer. The right choice for you depends on your goals, your family, and how you want things handled if something happens to you. Understanding how these two tools work and how they differ can make the decision far less intimidating. Below is an explanation of each option, along with the advantages and tradeoffs to consider as you decide which approach fits your life.

What is a Will?

A Will is the foundation of a basic estate plan. It gives you a voice after death and allows you to make decisions that would otherwise be left to state law.

With a properly drafted Will, you can:

1. Decide who inherits your property. Without a Will, your assets will pass under a rigid formula set by the legislature. That formula may not reflect your wishes or your family dynamics.
2. Name guardians for minor children. This is one of the most important reasons many parents create a Will. If you don’t name a guardian, a judge who has never met you and doesn’t know your values will make that decision instead.
3. Appoint an Executor: The Executor is responsible for carrying out the instructions in your Will. That includes gathering assets, paying debts and taxes, and distributing property to your beneficiaries.

A Will does not take effect until after you die, and it must go through probate before anything can be distributed.

What is a Revocable Living Trust?

A Revocable Living Trust is a more comprehensive planning tool. Unlike a Will, it begins working as soon as it’s created and funded.

A trust allows you to transfer ownership of your assets into the trust while keeping full control during your lifetime. You can amend it, revoke it, or move property in and out as your circumstances change. A propertyly structured revocable living trust can also allows you to:

1. Manage Assets during your lifetime: Unlike a Will, which only becomes effective after you die, a Revocable Trust is effective as soon as you create it.
2. Plan for Incapacity: If you become incapacitated due to illness, injury, or advanced age, the successor trustee you’ve chosen can step in to manage the trust property without court intervention or guardianship proceedings.
3. Protect your Privacy: Probate is a public process that can be time-consuming and expensive. Fully funded Revocable Trusts don’t have to go through probate, which keeps your information private and makes things easier for your loved ones.

Comparing Wills and Revocable Living Trusts to Achieve Your Estate Planning Goals

Benefits and Limitations of Wills

Wills are appealing to many because they’re familiar, straightforward, and relatively inexpensive to create.

Once you sign your will, you’re done. You tuck it away but review it periodically to ensure it’s still accomplishing your estate planning goals. If something changes, you can update your Will to address those changes.

There are no assets to transfer while you are living. That won’t happen until after you die during the probate process. So, although Will-based plans don’t require as much of a financial investment upfront, they can result in costs and delays associated with probate proceedings, which may ultimately outweigh any initial savings.

Benefits and Limitations of Living Trusts

Revocable Living Trusts provide several significant benefits that distinguish them from Wills.

During your lifetime, you maintain full control of your property. The trust can specify exactly how your assets should be managed during periods of incapacity, and your chosen successor trustee can step in without court intervention when needed.

However, revocable living trusts require a bigger financial investment and time commitment initially because there are more documents to prepare and assets to transfer. You’ll still have a Will, but an abbreviated one called a pour-over Will. The purpose of a pour-over Will purpose is to act as a safety net. It captures anything left out of the Revocable Trust and pours it into your Trust at death. Your operating document will be your Trust Agreement, which will outline not only how your property will be distributed after you die, but also how it will be managed while you are living

Although a pour-over Will will capture property left out of your trust and pour it into your trust at your death, you’ll need to fully fund your trust to avoid probate. This requires transferring assets, retitling assets, and aligning non-probate assets with your trust.

A fully funded revocable makes probate unnecessary, which results in more privacy and flexibility in managing assets during your life and after your death. However, if you’d rather not make the financial and time commitment, then a Will might be more appropriate for yo

Choosing Between a Will and Revocable Living Trust

Many people assume Wills are only for people with uncomplicated estates and minimal assets. Likewise, many people assume that Revocable Trusts are only for people with substantial assets and complex family situations.

This decision isn’t about complexity or wealth alone. Many people with modest estates benefit from trusts, while others with larger estates are well served by Wills. What matters most are your goals and priorities.

Cost Considerations

For cost-conscious clients, the most cost-effective way to achieve your estate planning goals is with a Will.

A Will generally involves lower upfront costs. The majority of the costs associated with a Will add up after you die during probate. In 2026, the average cost of probate is between $3,500 and $4,500 when attorneys’ fees and court expenses are included.

A revocable trust costs more upfront to create, but when properly funded, it avoids probate entirely. This can spare your estate from the associated fees and time delays. Therefore, if you prioritize long-term cost efficiency and want to spare your beneficiaries from the complexities of probate, a revocable trust may be the better option.

Privacy

Probate is the legal process in which a court validates the will and appoints an executor who will administer your estate. Your Will, the details of your estate, and your beneficiaries will become part of the public record.

Trust administration is private.

Unlike the public nature of probate, which exposes your estate plan to anyone who searches the court records, a trust administration keeps your estate plan confidential. If discretion matters to you, a revocable trust has a crear advantage.

Planning for Incapacity

Wills don’t provide any disability management features. That gap is filled by a robust power of attorney that empowers your designated agent to act on your behalf without court intervention.

However, it’s important to recognize that financial powers of attorney have their limitations. Depending on the scope of authority granted, your agent may be restricted from handling certain transactions or making decisions about specific assets. Additionally, financial institutions or third parties may require additional documentation or verification of the agent’s authority. This can pose challenges in accessing and managing assets.

Someday, ask me about my experience dealing with my father’s Bank of America account as agent under his power of attorney.

With a revocable living trust, you can designate a successor trustee who can seamlessly take over the management of the trust assets. This ensures your financial affairs will be managed without interruption.

For those prioritizing a robust and efficient incapacity planning strategy, revocable trusts are an appealing choice.

Immediate Access to Funds

If you become incapacitated, you may require immediate access to funds to cover medical expenses, ongoing living expenses, and other financial obligations.

Unlike assets held in your individual name, which may be more difficult to access by an agent under a power of attorney, assets held in a revocable trust can be accessed by the successor trustee without interruption. This provides for timely and efficient management of your financial affairs when you need it most.

Avoiding Probate in Multiple States

Without a trust, each property you own in a different state may require separate probate proceedings to transfer. This can be time-consuming and costly.

By placing real property within a revocable trust, you can sidestep the need for probate in each state where you own property. This saves time and money and ensures property is transferred to your beneficiaries efficiently, regardless of geographical boundaries.

That being said, some states, such as Texas, authorize the use of transfer on death deeds to transfer property to beneficiaries without a probate process. If you have simple estate planning needs and property in states that authorize the use of beneficiary deeds, a Will in combination with beneficiary deeds can minimize the expense of probate in multiple jurisdictions.

Contest

It is possible to contest both wills and revocable trusts, but revocable trusts are generally more difficult to challenge due to their private nature and the clear documentation of the grantor’s intentions. If you anticipate someone will contest your estate plan, a trust may be the better option.

Choosing Your Estate Planning Approach

Consider a Will-Based Plan If You:

• Prefer simplicity in initial setup
• Have a straightforward estate
• Don’t own property in multiple states
• Are comfortable with the public nature of probate
• Don’t anticipate anyone to challenge your Will

Consider a Trust-Based Plan If You:

• Value privacy in estate matters
• Own property in multiple states
• Want comprehensive incapacity planning
• Prefer to avoid probate proceedings
• Anticipate someone to challenge your estate plan

Do Revocable Trusts Provide Asset Protection?

While revocable living trust offer many benefits, asset protection is not one of them. Because you can revoke the trust and transfer assets in and out of the trust, creditors will be able to reach into it.

Both wills and revocable living trusts serve important estate planning purposes. Your choice should align with your specific circumstances, considering factors like estate complexity, privacy concerns, and long-term management needs. An experienced estate planning attorney can help you evaluate which option will help you achieve your estate planning goals.