Someone asked me yesterday
“what’s the difference between a living trust and Will?”
This is a common question, and the answer ( I feel ) should be accessible to everyone…
A living trust and a will are both estate‑planning tools, but they work very differently. The core difference is this: a will takes effect only after you die, while a living trust can take effect while you’re still alive, including if you become incapacitated.
Let’s break it down in to a little more detail, consider what is important to you – avoiding probate, keeping things simple, or planning for incapacity?
When it takes effect
Will – Only after death
Living Trust – Immediately, once it has been created (during your lifetime).
Probate
Will – Probate is required (court‑supervised, public)
Living Trust – Probate is avoided (private, faster
Incapacity planning
Will -No
Living Trust – Yes, the successor trustee can manage assets
Privacy
Will – Go on to the public record
Living Trust – Stays private
Cost & complexity
Will – Lower upfront cost; simple to create
Living Trust – Higher upfront cost; requires retitling assets
Guardians for children
Will – Yes, you can name guardians
Living Trust – No, trusts cannot appoint guardians
Ease of contesting
Will – Easier to contest
Living Trust – Harder to contest
🏛️ What a Will Does
A will is a legal document that:
States who receives your assets after you die
Names an executor to manage your estate
Allows you to appoint guardians for minor children
Must go through probate, which can take months and becomes part of the public record
🏦 What a Living Trust Does
A living trust (often a revocable trust) is a legal arrangement where you transfer assets into a trust you control while alive.
It allows you to:
Manage your assets as trustee
Appoint a successor trustee to step in if you become incapacitated
Transfer assets to beneficiaries without probate
Maintain privacy, since trusts are not public
🧠 When to Choose Which?
A Will may be better if you:
Have a simple estate
Want a low‑cost option
Need to name guardians for children
A Living Trust may be better if you:
Want to avoid probate delays and costs
Value privacy
Own property in multiple jurisdictions
Want a plan in case of incapacity
A Will may be better if you:
Have a simple estate
Want a low‑cost option
Need to name guardians for children
A Living Trust may be better if you:
Want to avoid probate delays and costs
Value privacy
Own property in multiple jurisdictions
Want a plan in case of incapacity
Something to consider
Remember, it’s important to consider your main goal, this could be avoiding probate, keeping things simple, or planning for incapacity.
Need some help deciding?
These are just some simple differences, trusts can be very complex and are not suitable for everyone. Whereas everyone should have a Will once they reach 18.
I arrange home visits, if you wish to arrange an appointment please call me on 07932 583417 or email me at chris@platinumlegalservices.co.uk
