A will speaks through the estate
A last will and testament generally directs the disposition of property controlled by the will at death. It may also nominate an executor and, for parents of minor children, a guardian, subject to applicable law and court review.
A will does not necessarily control property that passes by beneficiary designation, survivorship, trust terms, or another non-probate arrangement.
A trust is an arrangement for holding property
A trust generally involves a trustee holding and administering property under written terms for one or more beneficiaries. Depending on its design, it may operate during the creator’s life, after death, or both.
The practical effect of a trust depends on its terms, the assets actually transferred to it, trustee administration, and applicable law. A trust should never be treated as a one-size-fits-all promise.
The tools often work together
A trust does not automatically make a will unnecessary. Many trust-based plans include a will and coordinate it with powers of attorney, health-care documents, beneficiary designations, and asset ownership.
Choosing among these tools requires attention to personal goals, family circumstances, administration preferences, cost, and complexity.
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Explore wills and trustsThis information is general education, not legal advice. Every situation is different, and a planning approach should be evaluated with qualified counsel.
