I Have a Will — Do I Also Need a Trust?

Published June 5, 2026

My spouse and I were recently talking about updating our will and wondered if we should also set up a trust. How do we know if we need one?

A will is one of the most important estate planning tools, but many people wonder if it is enough or if adding a trust makes sense. The answer depends on your finances, your family situation and what you want your plan to accomplish. Here is a simple way to think about it.

What a will does

A will spells out who gets your assets after you pass away. It also names an executor to carry out your wishes and can designate a guardian for minor children. The downside is that a will must go through probate, which is the court process that validates and oversees distribution. Probate can take several months to a couple years and, in many states, becomes part of the public record.

What a trust adds

A revocable living trust holds your assets during your lifetime and directs how they will be distributed after your death, without going through probate. Unlike a will, it usually stays private and allows a successor trustee step in if you cannot manage your finances, which is useful in cases of illness, injury or dementia.

Trusts can also help with complicated family situations, like blended families or children with special needs, giving you more control over who gets what and when. The biggest challenge is that you must move your accounts and property into the trust, which takes time and care. Most people who create a trust also keep a simple “pour-over will” to catch anything that was not transferred.

Because trusts are more complex, they usually cost more than a will. Attorneys typically charge $1,000 to $4,000 for a trust versus $300 to $1,500 for a will, although costs vary depending on the estate and location. You can use a do-it-yourself estate planning service to save money, but these options are generally best suited for simple estates. If your finances or family circumstances are more complicated, hiring an attorney may help ensure your documents accurately reflect your wishes and comply with applicable laws.

When a trust makes sense

You might benefit from a trust if you own real estate, especially in more than one state, and want to avoid the costs and delays of probate or prefer to keep your estate matters private. It is also helpful if you have a larger estate, a blended family or want to ensure someone can manage your finances if you become incapacitated.

When a will may be enough

If your estate is relatively small, your family situation is simple and most of your assets already have named beneficiaries, like life insurance, IRAs, or bank accounts with pay-on-death or transfer-on-death (TOD) designations, a will may be all you need. Some states also offer simplified probate for small estates, which can make the process quicker and less expensive.

A trust is not necessary in every situation, and having a will alone may be sufficient for some individuals. However, if your goals include avoiding probate, protecting privacy or managing assets during incapacity, a trust is worth considering. Even a modest estate can benefit from a trust.

Getting help

A qualified estate-planning professional can help determine what is right for you. Two trusted resources are the National Academy of Elder Law Attorneys (naela.org) and the National Association of Estate Planners and Councils (naepc.org), both of which offer a search tool to help you find local professionals. Taking the time to put a plan in place, whether it is a will, a trust or both, can protect your loved ones, ease stress and give you peace of mind now and in the future.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.