Do I need a trust if I already have a will?

A will is an important estate planning document, but it may not address every concern. A trust can help avoid probate, provide ongoing asset management if you become incapacitated, and offer more control over how assets are distributed. For families with growing wealth, a trust is often used alongside a will, not instead of one.

What is the difference between a trust and a will?

A will takes effect only after death and typically goes through probate. A trust can be effective during your lifetime, manage assets if you become incapacitated, and distribute assets privately outside of probate. Both documents serve different purposes and are often used together in a comprehensive estate plan.

Does a trust help you avoid probate?

Yes, assets that are properly titled in a trust generally avoid probate. This can save time, reduce costs, and keep your estate details private. Assets that are not transferred into the trust may still be subject to probate.

What assets should be placed in a trust?

Common assets placed in a trust include real estate, nonretirement investment accounts, business interests, and certain personal property. Retirement accounts are usually handled differently and often pass through beneficiary designations. Proper coordination is key to avoiding gaps or unintended consequences.

Are trusts only for very wealthy families?

No. While trusts are commonly associated with high-net-worth households, many families with $1.5 million or more in assets use trusts to manage complexity, protect privacy, and ensure their wishes are carried out. The decision depends more on goals and circumstances than on a specific net worth threshold.

Can a trust be changed after it is created?

A revocable living trust can be amended or revoked during your lifetime as long as you are mentally competent. An irrevocable trust generally cannot be changed once established, which is why it is typically used for more advanced or long-term planning strategies.

Do I lose control of my money if I put it in a trust?

If you establish a revocable living trust, you generally retain complete control over your assets during your lifetime. You can act as the trustee, manage your investments, spend your money, and even revoke the trust entirely. However, if you create an irrevocable trust, you do give up direct control and ownership of the assets in exchange for potential tax and asset protection benefits.

Can a trust replace a will?

A trust does not entirely replace a will. Most comprehensive estate plans that utilize a revocable living trust also include a "pour-over will." This document acts as a safety net, ensuring that any assets you accidentally left out of your trust during your lifetime are transferred into the trust upon your passing.

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FAQs

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What is a SLAT (spousal lifetime access trust)?

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Who owns the property in a revocable trust?

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What Is a Revocable Trust? Understanding the Basics of Living Trusts