What is the difference between a Revocable Trust and a Last Will and Testament. If you’ve ever
thought about what happens to your stuff after you’re gone (your house, money, pets, even your
favorite coffee mug), you’ve probably heard the terms Will and Trust. These are both tools used
in estate planning, but they work in different ways.
Let’s break them down in simple terms so you can figure out what might be right for you or your
family.
What is a Will?
A Last Will and Testament is a legal document that says:
- Who gets your stuff when you die.
- Who will take care of your kids if they’re still minors.
- Who you want to be in charge of making sure your wishes are carried out (called the personal representative).
Key thing to know: A will only kicks in after you die. It has to go through something called probate, which is a court process to make sure everything is legal and debts are paid.
What is a Revocable Trust?
A Revocable Living Trust is also a legal document that says who gets your stuff—but it works a
little differently:
- You move your assets (like your house or bank account) into the trust while you’re alive.
- You’re usually the one managing it (called the trustee).
- You name someone to take over (a successor trustee) if you become unable to manage things or when you pass away.
Key thing to know: It doesn’t go through probate, which means faster, private transfers to your beneficiaries.
Main Differences at a Glance
| Feature | Will | Revocable Trust |
| Goes into effect | After death | As soon as it’s signed and funded |
| Probate required? | Yes | No |
| Privacy | Public | Private |
| Helps during incapacity? | No | Yes |
| Cost to set up | Lower upfront | Higher upfront but less than probate |
| Ongoing maintenance | Minimal | Needs some attention (like funding the trust) |
Which One Should You Choose?
It depends on your goals. Here’s a simple guide:
Choose a Will if:
- You have a small estate.
- You’re looking for a simple, lower up front cost option.
- You’re okay with your estate going through probate.
Choose a Revocable Trust if:
- You want to avoid probate.
- You value privacy.
- You want to plan for possible incapacity.
- You have property in multiple states (trusts help avoid probate in each state).
Can You Have Both?
Yes! In fact, most people who have a trust also have a simple will (called a pour-over will) to
catch anything they forgot to put into the trust. It makes sure all your assets are covered.
Have Questions or Not Sure Where to Begin?
Estate planning might not be the most exciting thing to think about, but having a plan gives you
peace of mind and it makes life easier for the people you love.
Whether you choose a Will, a Trust, or both, the most important step is getting started.
Contact De Varona Law at 561-600-9070. We’re here to help you make the best choice for
your future and your family.
