Legacy & Long-Term Care · Wills & Trusts
What's the difference between a will and a trust?
A will is a legal document that specifies who receives what after you pass and can name guardians for minor children. A trust holds your assets and can transfer them to your heirs without going through probate, often providing greater control over how and when distributions occur. Many people use both, though what you ultimately need depends entirely on your personal 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-supervised 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 greater privacy and control, such as spacing out when a beneficiary receives funds instead of distributing everything all at once. A trust can also operate while you are still living, directing how assets are managed if you become unable to 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 connect you with the appropriate licensed attorney, as 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 part of the 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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