Legacy & Long-Term Care · Wills & Trusts
What's the difference between a will and a trust?
A will is a legal document that says who gets what after you pass and can name guardians for minor children. A trust holds your assets and can pass them to your heirs without going through probate, often with more control over how and when. Many people use both — what you need depends on your situation.
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Legacy & Long-Term Care · Wills & Trusts
What's the difference between a will and a trust?
A will is a legal document that says who gets what after you pass and can name guardians for minor children. A trust holds your assets and can pass them to your heirs without going through probate, often with more control over how and when. Many people use both — what you need depends on your situation.
What a will does
A will directs who receives your assets after you pass, names the person who carries out those instructions, and can name guardians for minor children. It generally goes through probate — the court process that validates the will and settles the estate — which can take time and become part of the public record.
What a trust does
A trust holds assets you move into it, and it can pass those assets to your heirs without going through probate. That often means more privacy and more control — for example, spacing out when a beneficiary receives money instead of handing it over all at once. A trust can also do work while you're still living, such as directing how assets are managed if you can't manage them yourself.
Do you need one, both, or neither?
It depends on what you own, how it's titled, and what you want to happen. Many people start with a will and add a trust when probate avoidance or added control matters to them. Beneficiary designations on accounts also do a lot of quiet work here, which is part of the broader estate planning picture.
One cost that catches families off guard is ongoing care, and that's worth reading about separately: long-term and custodial care.
General education, not legal advice
This is general education, not legal advice — for your situation, our team can point you to the right licensed attorney. Mission 65 is not a law firm, and rules vary by state.
Common Questions
Questions we hear most
Do I need a will or a trust?
It depends on your situation. Many people start with a will; a trust can add probate avoidance, privacy, and more control. Some people benefit from both.
What is probate, and why do people avoid it?
Probate is the court process of settling an estate. It can take time, cost money, and become public record — which is why some people use trusts to pass certain assets outside of it.
Can I have both a will and a trust?
Yes, and many people do. They handle different jobs, and an attorney can help you set them up so they work together.
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