The real differences between wills and trusts, what each costs, and how to decide which is right for your situation.
You know you should have estate planning documents. But when you start researching, you quickly run into the will vs. trust question — and most explanations either oversimplify or drown you in legal jargon. Here's the plain-English version.
Spoiler: most people with any real assets benefit from a trust. But whether you need one right now depends on your situation. Use our estate planning cost calculator to estimate what a proper plan would cost for your specific situation.
A last will and testament is a document that directs how you want your assets distributed after death. It can also name a guardian for your minor children, which is reason alone to have one if you're a parent.
Here's the critical thing most people don't know: a will does not avoid probate. Probate is the court-supervised process of validating your will and distributing your estate. In most states it:
For a $500,000 estate, probate could cost $15,000–$40,000 in fees and a year of waiting. A will gets your wishes on record, but doesn't protect your family from this process.
A revocable living trust is a legal entity you create while alive that holds your assets. You're typically both the trustee (managing it) and the beneficiary (using it) during your lifetime. When you die, a successor trustee you named distributes assets directly to your beneficiaries — no probate required.
💡 The main advantages of a trust over a will: avoids probate (saves time and money), stays private, can manage your assets if you become incapacitated, and allows more nuanced instructions (staggered distributions to young heirs, conditions, etc.).
A trust also handles incapacity during your lifetime. If you become unable to manage your finances due to illness or accident, your successor trustee steps in immediately — no court conservatorship needed.
Upfront costs favor the will, but long-term the trust often wins:
On a $400,000 estate, even a modest 4% probate cost is $16,000. A $2,000 trust setup that avoids that is a clear win. That math shifts for smaller estates or in states with simplified probate procedures.
Will route: Attorney drafts will ($750) + probate attorney fees after death ($10,500) + court costs ($3,000) + 14 months wait = ~$14,250 total cost
Trust route: Attorney drafts trust package ($2,200) + transfer assets + no probate = ~$2,200 total cost. Savings: ~$12,000 and over a year of delays.
Everyone over 18 should have at least a basic will. It's especially critical if you:
If you die without a will (called dying "intestate"), state law decides who gets what. That often means assets go to a spouse or children in rigid proportions, which may not match your wishes. In some states, a long-term unmarried partner gets nothing.
A revocable living trust makes sense if you:
⚠️ A trust only works if you "fund" it — meaning you actually transfer your assets into the trust. An unfunded trust is worthless. Make sure any real estate deeds, bank accounts, and investment accounts are retitled in the name of the trust after signing.
Our estate planning cost calculator can help you compare the lifetime costs of a will-only vs. trust-based estate plan based on your estate size and state.
See what a complete estate plan — will, trust, healthcare directive, and power of attorney — would cost for your situation, and whether a trust makes financial sense for you.
Calculate Estate Planning Costs →A will is a legal document that directs how your assets are distributed after death — but it must go through probate, a court-supervised process that takes months and costs money. A revocable living trust holds your assets during your lifetime and transfers them directly to beneficiaries at death without probate, providing privacy, speed, and often lower overall cost. Unlike a will, a trust can also manage your assets if you become incapacitated.
A simple will drafted by an attorney costs $300–$1,000. An online will service costs $100–$200. A revocable living trust package (including the trust document, pour-over will, healthcare directive, and power of attorney) typically costs $1,500–$3,500 with an attorney, or $300–$600 with an online service like Trust & Will or Willing. However, trusts save probate costs later — probate can cost 3–8% of estate value in attorney and court fees.
Most people who create a trust also need a "pour-over will" — a short will that catches any assets not transferred into the trust during your lifetime and pours them into the trust at death. So if you have a trust, you'll typically have a will too. You might also need a separate will to name a guardian for minor children, since trusts cannot name guardians. Having both documents together gives you complete coverage.