Wills and trusts both help you pass assets to loved ones, but they work differently and serve different purposes. Understanding the key differences can help you choose the right approach for your situation.
What a Will Does
A will is a document that says who gets your property when you die. It names an executor to handle your estate and can name guardians for minor children. A will must go through probate—the court-supervised process of validating the will and distributing assets. Probate can take months and becomes part of the public record.
What a Trust Does
A trust holds assets for the benefit of named beneficiaries. You transfer assets into it during your life. When you die, the trustee distributes them according to the trust terms—usually without probate. A revocable living trust can be changed or revoked while you are alive. Trusts offer privacy and often faster distribution than probate.
Do You Need Both?
Many people have both. A will can direct assets you did not put in the trust into the trust at death (a "pour-over" will). A will is also where you name guardians for children. An attorney can help you design a plan that fits your assets and goals.
Jwayyed Law LLC provides estate planning, trusts, and wills throughout Ohio. Call (614) 285-5482 or schedule a free consultation today.
This article is for informational purposes only and does not constitute legal advice. For legal counsel regarding your specific situation, contact Jwayyed Law, LLC.
