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

When people hear the words estate planning, they often think of a will. But a will is only one piece of a larger picture. Another powerful tool is a trust. Both serve important purposes, yet they work in different ways and suit different needs.

If you’re wondering whether a will or a trust is right for you—or whether you might need both—this guide will walk you through the differences, benefits, drawbacks, and how they fit into real-life family situations.

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What Is a Will?

A will, or “last will and testament,” is a legal document that states how you want your property and possessions distributed after you die. It also allows you to:

• Name an executor (the person who will handle your estate)
• Appoint guardians for your minor children
• Outline your wishes for personal items or family heirlooms
• Specify charitable gifts or other legacy wishes

Wills must go through probate, which is the court process that validates the will and oversees the distribution of your estate. In Georgia, probate can take several months (or longer if there are disputes), but it is a standard step for estates that rely solely on a will.

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What Is a Trust?

A trust is a legal arrangement that allows you to transfer your assets into a separate entity—managed by a trustee—for the benefit of your chosen beneficiaries.

When you create a revocable living trust, you typically serve as your own trustee during your lifetime, keeping full control over your property. Upon your death, a successor trustee takes over and distributes your assets according to your instructions—without the need for probate.

Trusts can also be irrevocable, meaning you give up control over the assets once they’re placed in the trust. These are used for specific goals like tax planning, asset protection, or special-needs care.

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The Key Differences Between a Will and a Trust

 

 

 

Feature	Will	Trust
Effective When	After death	Can take effect immediately and continue after death
Probate Required	Yes	No (assets in trust avoid probate)
Privacy	Public record	Private
Control Over Timing of Distributions	Usually one-time transfer after death	Can control timing (e.g., staggered distributions to children)
Management During Incapacity	No built-in management	Trustee can manage assets if you become incapacitated
Cost to Set Up	Generally lower upfront	Higher initial cost, but may save money later by avoiding probate
Best For	Simple estates	Complex estates, privacy, or ongoing asset management

 

 

 

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The Benefits of a Will

1. Simplicity – Wills are straightforward to create and generally less expensive than trusts.
2. Naming Guardians – A will is the only legal way to appoint guardians for minor children.
3. Flexibility – You can easily amend a will as your life circumstances change.
4. Good Starting Point – If you don’t have significant assets, a will ensures your basic wishes are honored.

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The Downsides of a Will

1. Probate Process – Probate can be time-consuming and costly. It’s also public, meaning anyone can view the contents of your estate.
2. Limited Control – Once your assets are distributed, beneficiaries receive them outright. You can’t set conditions or manage how money is used.
3. Incapacity Gaps – A will only takes effect after death—it doesn’t help manage your affairs if you become incapacitated.

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The Benefits of a Trust

1. Avoids Probate – Perhaps the most significant benefit, trusts bypass the probate process, allowing a faster and more private transfer of assets.
2. Continuity and Control – A trust lets you manage how and when your assets are distributed. You can protect young beneficiaries or prevent wasteful spending.
3. Incapacity Planning – If you can’t manage your affairs, your successor trustee can step in seamlessly.
4. Privacy – Trusts are not public records. Your estate remains private, which can be valuable for families who value discretion.
5. Flexibility for Complex Situations – Trusts can handle blended families, business interests, special-needs dependents, or tax planning.

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The Downsides of a Trust

1. Upfront Costs and Effort – Trusts require more planning, legal drafting, and funding (transferring assets into the trust).
2. Ongoing Management – You must maintain your trust by keeping it up to date and ensuring new assets are titled in the trust’s name.
3. No Guardianship Provisions – You still need a will to name guardians for minor children.

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Scenarios: Which One Fits Best?

Let’s look at how wills and trusts work in common family situations.

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1. The Single Adult

If you’re single with modest assets and no dependents, a will is typically sufficient. It allows you to name beneficiaries and designate who will handle your affairs.

However, if you own property, have significant savings, or simply want to avoid probate for your loved ones, a revocable living trust can provide peace of mind. You can also name a successor trustee to manage your finances if you become incapacitated.

Recommendation:

• At minimum: Will + financial power of attorney + health care directive.
• Consider: Revocable trust if you own a home or want to avoid probate.

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2. The Married Couple

For married couples, both wills and trusts can work—but they offer different advantages.

A joint revocable trust allows both spouses to hold assets together and provides a smooth transition if one spouse passes away. It avoids probate and can reduce stress during a difficult time.

Alternatively, if your estate is simple and you’re comfortable with the probate process, reciprocal wills (where each spouse names the other as primary beneficiary) might suffice.

Recommendation:

• For smaller estates: Reciprocal wills.
• For larger estates or blended families: Revocable trust for privacy, probate avoidance, and control over distribution.

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3. Families with Young Children

If you have children under 18, a will is essential because it names their guardians. However, you may not want your children to inherit large sums outright at age 18.

A trust can solve that problem. You can set up terms such as:

• Funds for education until age 25
• Monthly allowances
• Conditions like financial responsibility or completing college

Recommendation:

• Will (to name guardians) + Trust (to manage funds for children’s benefit).
• This combination gives you both control and protection for your children’s future.

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4. The Business Owner

If you own a business, a trust is often the best estate-planning tool. A revocable living trust can keep your business running if you become incapacitated, since your successor trustee can step in immediately.

Additionally, you can design the trust to:

• Transfer business interests smoothly to heirs or partners
• Avoid disruption during probate
• Protect confidential financial information

A simple will may not adequately address business continuity or ownership transitions.

Recommendation:

• Revocable living trust + buy-sell agreement or succession plan.
• Pour-over will to capture assets not in the trust.

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5. Blended or Complex Families

For second marriages or families with children from prior relationships, trusts offer flexibility and fairness. You can ensure that:

• Your current spouse is supported for life
• Your children from a prior marriage still inherit their share
• Assets are distributed according to your wishes—not the court’s default rules

Recommendation:

• Revocable or marital trust with clearly defined beneficiary instructions.
• Will to name guardians and handle residual assets.

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Do You Need Both a Will and a Trust?

In many cases, yes. Even with a trust, you still need a “pour-over will”—a simple will that transfers any remaining assets (not already titled in your trust) into it after your death.

You’ll also need other key documents like:

• Durable Power of Attorney
• Health Care Directive
• HIPAA Authorization

Together, these ensure your affairs are managed smoothly, whether you’re living, incapacitated, or gone.

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The Bottom Line

Both wills and trusts are vital estate-planning tools. The right choice depends on your family, assets, goals, and comfort with cost and complexity.

A will is perfect for simple estates or those just starting their planning journey. A trust is ideal for families seeking privacy, efficiency, and ongoing control.

The most important step is simply to start. Without any plan, Georgia’s intestacy laws decide who inherits your property—and it might not be who you intend.At Garrett Murphy Law, we help individuals and families across Georgia craft thoughtful, customized estate plans—whether that means a simple will, a comprehensive trust, or both. Our goal is to give you peace of mind knowing your loved ones and legacy are protected.