A will takes effect only at death and requires probate, but lets you name guardians for kids and specify funeral wishes. A revocable living trust works immediately, avoids probate, and keeps your estate private. Most people need both.
If you've ever wondered what the difference between a trust fund and a will is, you're in the right place. So here are the basics. A will is a document that only takes effect when you die. So with a will, until you leave the planet, you have total control over your assets. A revocable living trust, on the other hand, takes effect the moment you sign it and retitle your assets in the name of the trust. And here is a big difference between the two. When you die with a will, it must go through the probate process at the courthouse. If you die with a trust, your assets can be immediately distributed to your beneficiaries. You can put provisions in a will to create create a certain type of trust at your death, but you cannot put a will into your trust. A will is a good tool for naming guardians of your minor children and also for stating instructions about your funeral and burial or cremation. A trust is a tool that would allow you to completely avoid probate. It also makes sure that everything you have is distributed to the people you want to in private. It also allows you to reduce your tax burden if that's necessary and to provide for any member of your family that may have special needs. This is what I do.
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