Estate planning often starts with two core documents: a Will and a Trust. Each serves a distinct purpose, and many families benefit from having both. Below is a practical guide to how these tools work, when to use them, and how our attorneys can help you build a plan that fits your goals.
The most important difference between a Will and a Trust is the distribution of your assets after you pass away. By having both a Will and a Trust, you can have all possible outcomes planned for. A Trust will avoid probate and anything that ends up in the Trust will transfer automatically to your beneficiaries upon your death. If anything falls through the cracks and ends up in probate, then a Will is necessary to save time and expenses.
A Trust is a separate legal arrangement that holds and manages assets for your benefit during life and for your beneficiaries after death. With a revocable living trust, you typically serve as your own trustee while you’re able, and you name a successor trustee to step in if you become incapacitated or upon your death.
Can set detailed rules for timing and conditions of distributions.
Helps keep your affairs private and can streamline transfers outside of probate when properly funded.
Can include provisions for incapacity, allowing your successor trustee to manage trust assets if you’re unable.
A Last Will and Testament is a written directive that states who should receive your property after death and who should serve as personal representative to handle probate. A Will can also nominate a guardian for minor children and clarify your wishes for specific items or distributions.
Controls assets that are in your individual name at death.
Becomes effective upon death and is administered through probate.
Acts as a safety net even if you also use a trust, ensuring any assets that still pass through probate are handled according to your wishes.
Often clients ask, “If a Trust is more effective in transferring my assets, why do I need both?” A Will and a Trust go hand-in-hand.
A revocable living trust can transfer most assets outside probate, while a Will serves as a back-up to capture anything not already in the trust. Together, they create a comprehensive plan that addresses both efficiency and completeness.
Creating a trust is only half the job. To gain the benefits, assets must be retitled to the trust or have appropriate beneficiary designations:
Real estate deeds updated to the trust.
Bank and investment accounts retitled or made payable on death to the trust.
Beneficiary designations coordinated for retirement accounts and life insurance.
Our attorneys guide you through funding so your documents work as intended.
Every family’s goals are different. Clients often consider the following when estate planning:
Avoiding probate and simplifying transfers for loved ones.
Protecting privacy and reducing administrative burdens.
Providing structure for young beneficiaries or loved ones who need oversight.
Planning for incapacity with clear authority for a successor trustee.
Coordinating with other tools like powers of attorney and beneficiary deeds.
“A Will avoids probate.” Not by itself. A Will directs probate; a funded trust can help avoid it.
“Once I sign a trust, I’m done.” Funding and follow-through are essential.
“Trusts are only for the wealthy.” Many families use revocable trusts for privacy, efficiency, and incapacity planning regardless of estate size.
Assertion Law Firm LLC (doing business in the Springfield area as 417 Business & Elder Law) provides tailored estate planning across Missouri, including wills, revocable and irrevocable trusts, powers of attorney, special needs planning, and trust administration. We explain your options in plain language and craft documents that reflect your values, family dynamics, and financial picture.
Ready to create or update your Will and Trust? Our team serves clients across Springfield and all of Missouri with in-person and convenient video consultations. Contact us to schedule a consultation and build a plan that brings peace of mind.
Estate planning often starts with two core documents: a Will and a Trust. Each serves a distinct purpose, and many families benefit from having both. Below is a practical guide to how these tools work, when to use them, and how our attorneys can help you build a plan that fits your goals.
