Both a will and a trust are effective estate planning documents that guide the disposition of one’s assets, but in different ways.
Both a trust and a will are legal documents that express an individual’s wishes as to the distribution of his or her assets after lifetime. But whereas a will would only go into effect after the individual’s lifetime, and only through a court process known as “probate,” a trust is a legal entity of its own that can be established and take effect during an individual’s lifetime, and avoid the court process for any assets transferred to the trust during lifetime.
It is common to prepare both a will and a trust in estate planning.
Here are some main differences between a trust and a will:
| Can you name a guardian for a minor child? | Does it need to go through probate in Surrogate’s Court? | Can it be revoked or amended? | Is it private or public record? | |
| Trusts | No | No | Sometimes
(always with revocable trust)
|
Private |
| Wills | Yes | Yes | Yes | Public after death |
