Wills and trusts ensure your assets pass to heirs according to your wishes. You may choose to use a will if you’re married, have kids, or don’t own real property. For people who have a large estate, own property, or are concerned about incapacity, planning a trust is important.
Wills specify how you want to manage your assets upon your death, including naming guardians for your children, distributing property, making charitable donations, and choosing an executor to carry out your wishes.
Trusts make sure your assets go to the right beneficiaries in the way you choose. Trusts need to be funded, which means that the various assets housed within a trust — property, investments, retirement, and bank accounts — must be properly titled to be in the name of the trust.
Pluses and minuses of each
A will directs who’ll receive your property at your death and appoints a legal representative to carry out your wishes. A trust can begin distributing property before, at, or after death.
A will covers any property in your name when you die. A trust only covers property that’s been transferred to it.
A will passes through probate — a court-supervised process overseeing the administration of the will, ensuring it is valid and that property gets distributed the way you wanted. A trust passes outside probate, which can save time and money. And a trust can remain private, while a will becomes part of the public record.
A will allows you to name a guardian for children and to specify funeral arrangements — a trust doesn’t. A trust can be used to plan for disability or to provide savings on taxes.
Wills don’t avoid estate taxes, though the federal estate tax applies only to assets over $12.92 million in 2023. Some trusts can provide tax benefits and protect your estate from creditors. Trusts reduce the chances of successful challenges, keeping your finances private. They also protect your assets if you become incapacitated while still alive.
Wills don’t include assets owned jointly — those will transfer to the surviving co-owner upon your death. State laws for wills vary, but in California, it is required that a written will be signed by you and two witnesses before it becomes legally binding and effective.
Some trusts allow you to change beneficiaries and assets so long as you’re alive and physically and mentally able to do so. You can name yourself as a trustee and appoint a co-trustee.
The Bottom Line
Wills can be relatively affordable, while more complicated trusts can cost more but give you more control over your assets. You can take advantage of both wills and trusts in your estate planning, using a will to name guardians and stipulate your final wishes and a trust to provide for managing and distributing your assets.
Keep in mind that some assets, such as retirement accounts and life insurance policies, must pass through beneficiary designation and take priority over both wills and trusts. And your assets must be transferred into your trust, or they will be of no benefit to your estate; you must fund the trust.
Consult with a qualified estate planning attorney to determine how best to use both a will and a trust in your estate plan. If you live in Sonoma, Napa, or Marin counties, give our office a call or email to see if we can help you.
- Using Values in Estate Planning - August 17, 2026
- What Happens If You Become Mentally Incapacitated Without an Estate Plan? - August 12, 2026
- Protect What You Leave to Your Heirs - August 10, 2026
See Larger Map Get Directions