Most people who ask “should I get a will or a trust?” have already been sold on the trust, usually by someone who makes money setting one up. So let me give you the plain version first. For the majority of households, the honest answer is a will, plus a few forms most people never fill out. A trust is a real tool for real situations. It is just not the default upgrade the marketing makes it sound like.
This is not legal advice, and I am not an attorney. What follows is the plain-English lay of the land, so you can walk into any decision (or any sales pitch) knowing what each document actually does.
What a will actually does
A will is the document that says who gets what after you die. It also does one thing nothing else can: it names a guardian for minor children or grandchildren in your care. If that applies to you, you need a will for that reason alone.
The catch with a will is probate. That is the court process that validates your will and oversees handing out what you owned. Probate is public, and depending on your state it can take months and cost a percentage of the estate. That is the main thing trust sellers point to when they tell you a will is not enough.
What does a will cost? Less than you would think. A basic will can be free using your state’s forms, roughly $100 to $200 through an online service like Nolo, or around $300 to $800 for a straightforward one drafted by an attorney. Prices climb from there for complicated situations, but a simple, valid will is not expensive.
What a trust actually does
A revocable living trust holds your assets so they can pass to your heirs without going through probate. Done right, it is private and faster than probate, and it also helps if you become unable to manage your own affairs while you are still alive.
Here is the part the sales pitch tends to skip. A trust only works if you fund it, which means retitling your house, accounts, and other property into the trust’s name. This is the step most people pay for a trust and then never finish. An unfunded trust protects nothing. The assets you never moved into it still go through the exact probate you paid to avoid.
A trust also costs more. Attorney-drafted trusts commonly run $1,000 to $3,000 and higher, and in some states more, before you count the work of funding it. Online services can produce one for a few hundred dollars, but they hand the funding back to you to complete.
One myth worth killing here: for the overwhelming majority of people, a trust does nothing for estate taxes. As of 2026 the federal estate tax exemption is $15 million per person, or $30 million for a married couple, and that level was made permanent. Unless your estate is well into eight figures, federal estate tax is not your problem, and a trust is not solving it. A handful of states levy their own estate or inheritance tax at lower thresholds, so that is worth a one-time check for where you live. But “avoid estate taxes” is not a reason most families need a trust.
So which one do you actually need?
Strip away the sales language and it comes down to your situation.
Most people are well served by a will, a durable power of attorney, a healthcare directive, and correct beneficiary designations. That combination covers who raises your kids, who gets your things, who makes decisions if you cannot, and who receives your major accounts. No trust required.
A trust earns its cost when you have a specific reason for one: real estate in more than one state, a blended family with children from different marriages, a disabled dependent who needs a special-needs arrangement, or a genuine desire to keep your affairs private and skip probate entirely. These are real needs. If one of them is yours, a trust is money well spent.
And here is the single most valuable detail in this whole article, the one people miss most often. Your beneficiary designations override your will. The named beneficiary on your retirement accounts and life insurance decides who gets that money, no matter what your will says. If your will leaves everything to your current spouse but your 401(k) still names an ex from twenty years ago, the ex wins. Check those forms. Update them after any divorce, remarriage, death, or new grandchild. This costs nothing and prevents some of the worst estate-planning disasters there are.
What the “everyone needs a trust” pitch gets wrong
There is an industry built on selling revocable living trusts to people who do not need them, often bundled with high fees and a stack of documents. The pitch leans hard on how slow and expensive probate is. In many states, for a normal estate, probate is neither as slow nor as costly as the marketing implies.
And the trust itself is only as good as its funding. Sell someone a trust, skip the part where every asset gets retitled into it, and you have sold them an expensive binder that protects nothing. If you already paid for a trust, the most useful thing you can do this week is check whether it was actually funded. Look at the title on your house and the ownership on your major accounts. If they are still in your own name, your trust is not doing its job yet.
What to do this month, whichever you choose
You do not need to solve your entire estate plan today. You do need to close the gaps that leave families in the worst shape. Here is the short list:
- Do you have a will at all? Most adults do not. If you have minor children or grandchildren in your care, this is the priority.
- Are your beneficiary designations current on every retirement account and life insurance policy, especially after a divorce, remarriage, or death in the family?
- Do you have a durable power of attorney and a healthcare directive, so someone can act for you if you cannot?
- If you own property in more than one state, get a probate-cost estimate for each. That is where a trust most often pays off.
- If you already paid for a trust, confirm it is actually funded. Check the titling on your home and major accounts.
The bottom line
A will covers most people. A trust is a tool for a specific set of situations, not a default everyone should buy. The only mistake worse than having neither is paying for a trust and never funding it. Start with the basics, get your beneficiary forms right, and add a trust only when your actual situation calls for one.
For decisions specific to your family, taxes, or state, bring these questions to an estate attorney or a fee-only advisor. This article is meant to help you ask better ones.
Related: if the question behind all this is “what happens to my online accounts and passwords when I’m gone,” start with the guide to digital estate planning.
This article is educational and not legal or tax advice. Laws vary by state and change over time. For your specific situation, consult a licensed estate attorney or fee-only financial planner.