Wills vs. Trusts: Which Documents Should You Prioritize?
When it comes to estate planning, two of the most important documents people consider are wills and trusts. Both serve to protect your assets and loved ones, but they function in different ways and offer unique benefits.
At Ryland & Merchak, PC, we’ve seen how much peace of mind a well-crafted estate plan brings to families. If you’re ready to start planning for your future, reach out to our Virginia wills and trusts attorneys today. We’ll help you create a plan that reflects your wishes and protects your family.
What a Will Does
A will—also called a last will and testament—is a legal document that outlines how you want your assets and possessions distributed after your death. It also allows you to name an executor who will manage your estate and carry out your wishes.
Beyond financial matters, a will can include instructions for guardianship of minor children or dependents, making it an essential part of any family’s long-term planning.
Key Functions
A will helps guide your loved ones during an emotionally difficult time. Here are some of its primary functions:
Asset distribution: Directs who inherits your property, such as real estate, vehicles, jewelry, or bank accounts.
Executor appointment: Names the person you trust to manage your estate.
Guardianship designation: Identifies who will care for your minor children or dependents.
Charitable gifts: Specifies donations to charities or causes close to your heart.
A will is often considered the foundation of estate planning. However, it doesn’t take effect until after death and must go through the probate process, which can take time and sometimes incur costs.
While a will is an excellent starting point, it’s often just one part of a broader plan. That’s where trusts come in.
What a Trust Does
A trust is a legal arrangement that allows a trustee to hold and manage assets for the benefit of one or more beneficiaries. Unlike a will, a trust can take effect during your lifetime (a living trust) or after your death (a testamentary trust).
Trusts are known for offering flexibility and control over how and when assets are distributed. For example, if you have young children or family members with special needs, a trust can help provide ongoing financial support under conditions you define.
Key Benefits
Trusts serve many purposes depending on your goals. Some of the most common benefits include:
Avoiding probate: Assets in a trust typically pass directly to beneficiaries, bypassing the probate process.
Maintaining privacy: Unlike wills, trusts aren’t public record, so your estate details remain confidential.
Providing asset control: You can determine how and when beneficiaries receive funds—whether in installments, after reaching a certain age, or for specific needs.
Planning for incapacity: A trust can allow for the management of your assets if you become unable to do so yourself.
By establishing a trust, you can help your loved ones avoid potential legal hurdles and delays, while also maintaining control over your estate.
Comparing Wills and Trusts
Both wills and trusts play vital roles in estate planning, but they differ in important ways. Understanding these differences can help you determine which document—or combination—is best for your situation.
Timing of Effect
Will: Only becomes effective after your death.
Trust: Can take effect immediately after creation (if it’s a living trust).
Probate Requirements
Will: Must go through probate, which can take months and sometimes result in court fees.
Trust: Typically bypasses probate, allowing for a faster and more private transfer of assets.
Privacy Considerations
Will: Becomes a public record during probate.
Trust: Remains private, keeping your financial matters confidential.
Control Over Assets
Will: Provides direction for distributing assets outright to beneficiaries.
Trust: Offers more nuanced control, such as holding funds in trust until a certain condition is met.
Guardianship Designation
Will: Allows you to name guardians for minor children.
Trust: Doesn’t directly appoint guardians but can financially support them through structured funds.
In most cases, a will and trust work best together. A will covers guardianship and personal instructions, while a trust provides greater flexibility and efficiency for asset distribution.
When to Prioritize a Will
While everyone should have a will, there are certain situations where it’s particularly important to make one a top priority.
If You Have Minor Children
Naming a guardian in your will assures your children are cared for by someone you trust. Without one, a court will decide who assumes this role, which may not align with your wishes.
If You Have a Modest Estate
If your assets are limited or straightforward—like a home, a vehicle, and a few bank accounts—a will might cover your needs adequately. It’s often simpler and more cost-effective than setting up a trust.
If You Want to Leave Charitable Gifts
A will makes it easy to leave specific items or amounts to charitable organizations or causes that are meaningful to you.
Even if you intend to create a trust later, starting with a will helps formalize your intentions and prevents confusion after your passing.
When to Prioritize a Trust
A trust can be more advantageous if your estate or family situation requires additional control or protection.
If You Want to Avoid Probate
Probate can delay asset distribution and create additional costs. By using a trust, your beneficiaries can receive their inheritance faster and with fewer legal complications.
If You Value Privacy
For families who prefer discretion, a trust keeps estate details confidential since it doesn’t become part of the public record.
If You Have Significant or Complicated Assets
Trusts are particularly helpful if you own multiple properties, operate a business, or have investments across different accounts. They provide a centralized structure for managing and transferring assets.
If You Have Specific Distribution Goals
Trusts let you control how and when beneficiaries access funds. For instance, you might set up payments over time rather than all at once, or specify funds for education or healthcare expenses.
By creating a trust, you’re not just preparing for the future—you’re guiding it.
How Wills and Trusts Work Together
Many people believe they must choose between a will and a trust, but in reality, these documents complement each other. Together, they create a comprehensive estate plan that protects every aspect of your legacy.
Common Ways Wills and Trusts Interact
Pour-over will: This type of will transfers any remaining assets into your trust upon death, ensuring all property is managed according to your trust’s terms.
Guardianship provisions: Your will names guardians, while your trust provides financial support for those caring for your children.
Backup protection: Even with a trust, a will serves as a safety net for assets not transferred into the trust before your passing.
Having both documents allows for complete coverage—your will expresses personal wishes and guardianship designations, while your trust efficiently handles asset management and distribution.
Working with an experienced estate planning attorney can help you align both tools to create a seamless plan that reflects your goals.
Common Misconceptions About Wills and Trusts
Estate planning can feel intimidating, partly because of misunderstandings about what these documents actually do. Let’s clear up a few common misconceptions.
“A will avoids probate.”
In reality, a will must go through probate to become effective. Only trusts can bypass this step.“Trusts are only for the wealthy.”
Trusts are useful for many people, not just those with large estates. They offer privacy, flexibility, and control that can benefit families of all financial backgrounds.“I don’t need both a will and a trust.”
In many cases, having both creates the most complete protection for your loved ones and assets.“Once I write my will or set up a trust, I’m done.”
Estate planning isn’t one-and-done. You should review and update your documents periodically—especially after major life changes like marriage, divorce, or the birth of a child.
By addressing these misconceptions early, you can make decisions with clarity and confidence.
Why Professional Guidance Matters
Creating a will or trust isn’t just about filling out forms—it’s about crafting documents that reflect your values, your family’s needs, and your long-term goals. While online templates exist, they can’t provide the personalized insight or foresight that a seasoned attorney brings.
Working with a professional helps prevent costly mistakes, reduces family disputes, and provides peace of mind knowing your wishes will be honored.
Contact a Knowledgeable Estate Planning Lawyer
Planning for the future takes courage, but you don’t have to do it alone. Whether you’re just beginning to think about your estate plan or ready to update existing documents, Ryland & Merchak, PC is here to help.
Located in Woodbridge, Virginia, we proudly serve families and individuals throughout Northern Virginia, including Prince William County, Stafford County, Fairfax County, and the surrounding areas. We’ll take the time to listen to your concerns, answer your questions, and craft a plan that protects what matters most to you.
Together, we’ll help you decide whether a will, a trust, or both will best meet your goals—so you can move forward with peace of mind knowing your loved ones are cared for. Reach out to Ryland & Merchak, PC today to schedule a consultation.
