Living Trust Vs. Will: What’s The Difference? (2026)

Understanding a Will and How It Works

A will is a legal document that lists your assets and specifies who you want to inherit them. When you create a last will and testament, you may also list guardians for pets and minor children. Before assets can be distributed, however, your will must go through the court-supervised probate process.

What Is a Living Trust?

A living trust is a legal entity you establish to hold your assets before you distribute them to beneficiaries. Many people create living trusts to distribute assets after they die, but you can use a trust to distribute assets at another pre-determined time as well.

Crucially, assets in a living trust don’t have to go through probate. A trustee of your choosing will oversee the asset distribution process instead.

Key Differences Between Wills and Living Trusts

These are a few important living trust vs. will differences to keep in mind:

• Living trusts avoid probate, but wills don’t.
• A will is public record, but a trust isn’t.
• A will lets you name guardians for children/pets, but a trust doesn’t.
• A living trust can be active when you’re still alive, but a will can’t.

Trusts are also more complicated to create and execute than wills are.

Choosing the Right Option for Your Estate

Many people’s estate plans include both a will and a trust. A will is an essential part of any estate plan, but a trust is optional. If you want to speed up the process of asset transfer and spare your loved ones the cost and stress of probate, it’s worth considering a trust.

Trusts also let you control how assets are distributed. You might require that heirs receive payments in installments or only after they reach a certain age.

How to Set Up a Will or Trust

To create a will or a trust, it’s important to have some kind of legal guidance. If you make an error while creating either one, it may not be apparent until after your death, and your loved ones may need to scramble to address the issue.

Working with an attorney or using an attorney-approved template can help you and your loved ones avoid problems later on.

Living Trust vs. Will: Which Is Right for You?

When creating your estate plan, you don’t have to choose between a will and a living trust. Many people include both. However, each person’s situation is different, so you should carefully weigh your options before making a choice.

ConsumerShield is here to help you do that. Explore our collection of legal guides and document templates today.