Will vs. Living Trust: Do You Need Both?
A will and a living trust are often talked about as if they were alternatives. In reality, they do different jobs — and for many families, the strongest plan uses both, working together with life insurance and beneficiary designations.
By Aman Anand & Shubhra Srivastava · October 2026
What a will does
A will is your written instructions for what happens after you pass away. It says who receives your property, who will handle your affairs (your executor), and — critically for parents — who would raise your minor children.
A will generally goes through probate, the court process that validates it and oversees the distribution of your estate. Probate can take months, involves court costs, and makes the will part of the public record.
What a living trust does
A revocable living trust is a legal arrangement that holds your assets during your lifetime and passes them to your beneficiaries afterward. You usually act as your own trustee while you’re alive, so you stay in control and can change it at any time.
Assets held in a properly funded trust can generally pass to your beneficiaries without probate — more privately, and often more quickly. A trust can also let you decide when and how your children receive an inheritance, instead of everything arriving at once at age 18.
| Will | Revocable living trust | |
|---|---|---|
| Names guardians for children | Yes | No — a will is still needed for this |
| Probate | Generally required | Generally avoided for assets held in the trust |
| Privacy | Becomes public record | Generally stays private |
| Control over timing | Limited | You can set ages and conditions for distributions |
| If you become incapacitated | No effect while you’re alive | A successor trustee can step in to manage trust assets |
| Upfront effort | Lower | Higher — assets must be retitled into the trust |
Why many families have both
Even with a trust, you still need a will. A trust can’t name a guardian for your children, and it only controls assets that have actually been placed in it. A pour-over will acts as a safety net, directing anything left outside the trust into it.
Setting up a trust and never funding it. If your home and accounts were never retitled into the trust, it may not work as intended — and your family could end up in probate anyway.
Where life insurance fits in
Life insurance and retirement accounts pass to the beneficiaries named on the policy or account — generally regardless of what your will says. That makes beneficiary designations one of the most important, and most overlooked, parts of an estate plan.
If you name your minor children directly, the money may need court supervision until they come of age. Naming a trust as beneficiary instead can let the trustee you choose manage the money for them, on the terms you set.
Don’t forget the other documents
- Financial power of attorney — who manages your finances if you can’t
- Healthcare directive — your wishes for medical care, and who speaks for you
- Updated beneficiary forms — on every policy and account
Which might fit you?
A will alone may fit if…
- Your estate is simple
- Your main concern is naming a guardian
- You’re comfortable with probate
A will and trust may fit if…
- You own a home or significant assets
- You want privacy and to avoid probate
- You want control over when children inherit
Through our estate-planning legal partner, we help families put the right documents in place — and make sure they line up with their insurance and beneficiaries.
Book a free check-inGeneral education only, not legal advice. We are not attorneys. Estate-planning laws vary by state; legal documents are prepared by licensed attorneys.