Wills vs. Trusts: Which Is Right for Your Family?

What a will does

A will names who receives your property, who will manage your estate, and who will care for minor children. It's simple and affordable, but it generally goes through probate, a court process that can take months and is part of the public record.

What a living trust does

A revocable living trust holds your assets during your lifetime, with you in control. When you die, your chosen successor trustee distributes them, usually without probate and privately.

Comparing the two

Consider a trust if any of these apply to you:

• You own real estate, especially in more than one state.
• You want to keep your estate private.
• You want to manage how and when children or other heirs receive money.
• You want a plan for managing your assets if you become unable to.

Most plans include more than one document

Even with a trust, you'll usually want a short 'pour-over' will, a financial power of attorney and a healthcare directive. Together they cover your property, your finances and your medical wishes.