Everyone has heard the words “will” and “trust” in the same breath, usually from a lawyer, a nervous parent, or a TV commercial featuring a silver-haired couple walking on a beach. And yet most people have absolutely no idea what either thing actually does, which one they need, or why the answer matters.
Spoiler: you probably need a will. You probably don’t need a trust. And you can get a legally valid will done today for $69. But let’s do this properly so you understand why — because “just trust me” is exactly the kind of advice that gets families into expensive, ugly messes after someone dies.
So: will vs trust. Let’s break it down.
What Is a Will?
A will (short for “last will and testament,” which sounds dramatic and medieval, because it is) is a legal document that tells the world what happens to your stuff when you die. It also lets you:
- Name who gets your assets (your “beneficiaries”)
- Name a guardian for your minor children — this one is critical if you have kids
- Name an executor, the person responsible for carrying out your wishes
- Specify final wishes like burial or cremation preferences
That’s it. It’s not magic. It’s a document. It only takes effect when you’re dead, and it has to go through a process called probate before anyone sees a dime (more on that in a second).
A will does not control assets that have their own beneficiary designations — things like life insurance, 401(k)s, and IRAs pass directly to whoever you named on those accounts, regardless of what your will says. Same with jointly owned property. Your will handles everything else.
If you die without one, the state decides what happens. It’s called dying intestate, and it’s a mess you don’t want to leave your family. The state’s formula doesn’t care that you wanted your car to go to your brother or your record collection to your best friend. It just splits things up according to a chart.
Making a will doesn’t have to be complicated or expensive — but you do actually have to do it.
What Is a Trust?
A trust is a legal arrangement where you (the “grantor”) transfer ownership of your assets to a legal entity (the “trust”), which is managed by a “trustee” for the benefit of your “beneficiaries.” If that sentence made your eyes glaze over, that’s by design — the estate planning industry has a vested interest in making this sound complicated.
Here’s the simple version: a trust holds your stuff on behalf of someone else, according to rules you set.
There are many types of trusts, but the one most people mean when they say “I should probably get a trust” is a revocable living trust (also called a “living trust” or “inter vivos trust” if you want to impress people at parties). Here’s what makes it distinctive:
- You create it while you’re alive
- You can change or revoke it at any time while you’re alive and mentally competent
- You typically act as your own trustee while you’re alive
- When you die, a successor trustee takes over and distributes assets according to your instructions — without going through probate
That last part — skipping probate — is the whole point. It’s the main reason people get living trusts, and it’s also why you might not need one.
Will vs Trust: The Key Differences
Let’s put the differences side by side so this actually sticks.
1. Probate
Will: Goes through probate. Probate is the court-supervised process of validating your will, paying debts, and distributing assets. It can take months to years, costs money (court fees, attorney fees), and is a matter of public record.
Trust: Skips probate entirely. Assets held in the trust transfer directly to beneficiaries. Faster, cheaper, private.
The probate issue is the main selling point for trusts. But here’s the thing — probate is not the horror show it’s made out to be for most people. In many states, small estates go through simplified probate or no probate at all. If your estate is relatively simple and not enormous, probate is inconvenient, not catastrophic.
2. Privacy
Will: Public record. Once probated, anyone can request a copy. Your nosy neighbors, your estranged relatives, reporters — theoretically, anyone.
Trust: Private. The terms of a trust don’t get filed with any court. Nobody outside the people you choose ever needs to know what you left or to whom.
If you’re a public figure, or if family drama is a real concern, privacy matters. For most people? Not so much.
3. Cost
Will: Cheaper — significantly. A basic will can cost $69 (hi, that’s us) up to a few hundred dollars with a local attorney.
Trust: More expensive — significantly. Setting up a living trust typically costs $1,000–$3,000+ with an attorney. And that’s not all: you also have to fund the trust, meaning you have to retitle all your assets into the trust’s name. Real estate, bank accounts, investment accounts — all of it. If you forget to move an asset into the trust, it doesn’t get the trust’s benefits. It potentially still goes through probate.
Trusts are not a one-and-done deal. They require ongoing maintenance as you acquire new assets.
4. Complexity and Maintenance
Will: Write it, sign it with witnesses, store it somewhere safe. Done. Update it when major life events happen (marriage, divorce, new kids, someone dies).
Trust: Create the trust document and retitle your assets and keep it funded as your financial life changes and make sure the successor trustee knows what to do and potentially still needs a “pour-over will” to catch anything you didn’t get around to putting in the trust. It’s a system, not a document.
5. When It Takes Effect
Will: Only kicks in at death. Does nothing while you’re alive.
Trust: A revocable living trust can also help if you become incapacitated while alive — your successor trustee can step in and manage assets without needing court intervention. This is a genuine benefit, though a durable power of attorney can serve a similar purpose at far lower cost.
Who Actually Needs a Trust?
Let’s be direct. You may want to consider a trust if:
- Your estate is large. If you have enough assets that estate taxes are a concern (currently over $13 million for federal), more sophisticated planning including irrevocable trusts may apply. Talk to an estate planning attorney.
- You own real estate in multiple states. If you have property in three different states, your heirs could face probate in all three. A trust sidesteps that.
- You have complex family dynamics. Blended families, a beneficiary with special needs (where a special needs trust preserves government benefit eligibility), or a beneficiary who can’t responsibly manage money — trusts give you more control over how and when assets are distributed.
- You have significant privacy concerns. If you’re a business owner, public figure, or genuinely worried about the wrong people learning what you own, a trust’s privacy matters.
- Your state has particularly brutal probate. Probate in California, for example, is notoriously slow and expensive. If you live there and own property, a trust is worth the cost.
If you read that list and none of it describes you, congratulations — you are a normal person with a normal life who does not need a trust right now.
For Most People Reading This, a Will Is Enough
Here’s the truth that estate planning attorneys don’t lead with: the vast majority of Americans do not need a living trust. They need a will. A solid, legally valid will that says who gets what, who takes care of the kids, and who’s in charge of making sure it all happens.
A will:
- Names a guardian for your children (a trust doesn’t do this — you still need a will for this)
- Designates an executor
- Handles all your assets that aren’t in a trust anyway
- Costs a fraction of the price
People get talked into trusts because lawyers make more money from trusts. That’s not a conspiracy theory — it’s just economics. A $2,000 trust package is more profitable than a $200 will. But if you’re a renter in your 30s with a couple of bank accounts, a 401(k) with a named beneficiary, and two kids you want to make sure are taken care of — a will is what you need. Not a trust.
The situations where you truly need a trust are real, but they’re specific. They apply to a minority of people. If you’re not sure which camp you fall into, the answer is almost certainly: start with a will. You can always layer in more planning later as your assets and situation grow.
Do This Today
You can write a legally valid will on Killswitch right now for $69. It takes about 15 minutes. You don’t need a lawyer. You don’t need an appointment. You definitely don’t need a trust.
Death is not a theoretical future problem. It’s a guaranteed outcome, and the only variable is timing. The people you love will have to deal with whatever you leave behind — or whatever you didn’t bother to set up.
Get your will done at Killswitch →
Frequently Asked Questions
Can a will and a trust work together?
Yes, and in many cases they should. Even people with living trusts typically have what’s called a “pour-over will” — it catches any assets that weren’t transferred into the trust during your lifetime and scoops them in at death. So the two aren’t mutually exclusive; a trust is usually in addition to a will, not instead of one.
Does a will avoid probate?
No. A will does not avoid probate — it goes through it. That’s a common misconception. Probate is the process courts use to validate a will and supervise asset distribution. If avoiding probate is your goal, a trust is the tool for that. But again, probate isn’t always the nightmare it’s made out to be.
What happens to my kids if I die without a will?
The court decides who raises them. It’s not automatic that your sibling or parent gets custody — a judge makes that call based on what they determine is the best interest of the child, without any guidance from you. This alone should be reason enough to make a will if you have minor children.
Is a trust public record?
No. A revocable living trust is a private document. Unlike a will, which gets filed with the probate court and becomes public record, a trust stays private. Your beneficiaries’ identities, the value of assets, and the distribution terms never become public.
How much does a trust cost compared to a will?
A basic will from Killswitch costs $69. Setting up a revocable living trust typically costs $1,000–$3,000+ through an estate planning attorney, plus the time and effort required to retitle all your assets into the trust. For most people with straightforward estates, that cost difference isn’t justified.
Do I need a trust to protect my kids’ inheritance?
Not necessarily. A will can specify that assets are held in a testamentary trust (created within the will) until your children reach a certain age. This achieves similar protection at lower cost than a standalone living trust — though it does go through probate first. For most parents, this is a perfectly reasonable solution.
Can I set up a trust myself without a lawyer?
Technically yes, but it’s riskier than a DIY will. The legal mechanics of a trust are more complex, and mistakes in the document or in funding the trust can undermine the whole purpose. For a will — especially a straightforward one — quality online tools like Killswitch make DIY totally reasonable. For a trust, attorney involvement is more warranted.
What’s the difference between a revocable and irrevocable trust?
A revocable trust can be changed or cancelled by you at any time while you’re alive and competent. An irrevocable trust generally cannot be changed once established — but it offers benefits a revocable trust doesn’t, like protection from creditors and potential estate tax advantages. Most people who want a living trust want a revocable one. Irrevocable trusts are specialized tools for specific situations (asset protection, Medicaid planning, estate tax reduction) and require professional guidance.
Killswitch makes legally valid wills for $69. No lawyers, no appointments, no excuses. Start here.
