Wills vs. Living Trusts: Understanding the Basics

Estate planning is ultimately about clarity — for yourself and for the people you care about. Two of the most common tools are wills and living trusts.

What Is a Will?

A will is a document that expresses how you would like your property distributed after your death. It can also name an executor to carry out your wishes and, for parents, nominate a guardian for minor children.

What Is a Living Trust?

A living trust is an arrangement in which property is held by a trustee for the benefit of named beneficiaries. You can often serve as your own trustee during your lifetime and name a successor trustee to manage and distribute assets afterward.

Key Differences

Probate

Assets passing under a will generally go through probate, the court-supervised process of administering an estate. Assets properly held in a living trust may pass outside of probate.

Privacy

Probate proceedings are generally public, while trust administration is typically more private.

Management during incapacity

A living trust can provide a framework for managing assets if you become unable to do so yourself.

Which Is Right for You?

There is no one-size-fits-all answer. Many plans include both, along with powers of attorney and healthcare directives. Kiwan Law can help you understand which tools may fit your circumstances and goals.