Will vs. Trust: How to Choose the Right Estate Plan

When planning your estate, one of the biggest decisions is whether a simple will is enough or if a revocable trust is the better option. While both tools enable you to pass your assets according to your wishes, they serve different purposes depending on your specific situation.

Below, we’ll walk through some common triggers to help you determine which estate planning tool is right for you.

Do You Own Real Estate in Multiple States?

• Owning property in multiple states means your estate could be subject to multiple probate proceedings—one in each state where you own real estate. A revocable trust allows your assets to pass seamlessly to your heirs without the hassle and cost of out-of-state probate.
  

Do You Want to Avoid a Public Probate?

• Probate is a completely public, court-supervised process that can be costly and time-consuming in Illinois. A revocable trust allows your assets to transfer directly to beneficiaries without court involvement, saving your loved ones time, money, and stress.
  

Do You Have Minor Children, Blended Family, or Special Needs Beneficiaries?

• A will allows you to name guardians for minor children, but it does not provide ongoing financial management. A revocable trust lets you control how and when assets are distributed, preventing young or vulnerable beneficiaries from mismanaging their inheritance.

• If you have children from a previous relationship and want to ensure they receive their intended inheritance, a revocable trust can provide the structure and control needed to carry out your wishes. Unlike a simple will, a trust allows you to designate exactly how and when assets are distributed, preventing potential conflicts or unintentional disinheritance.
  

Do You Value Your Privacy and the Privacy of Your Loved Ones?

• A will becomes a public record once filed in probate court, meaning anyone can see your assets and who is inheriting them. A revocable trust, on the other hand, remains outside the court, creating privacy for you and your beneficiaries.
  

Do You Have a Taxable Estate or Complex Assets?

• If your estate is subject to Illinois estate tax (estates over $4 million) or federal estate tax (estates over $13.61 million in 2024), a trust can help reduce tax liability through advanced planning techniques.

• A trust is also useful for managing business interests, rental properties, or complex investments, ensuring smooth transitions and reducing legal complications.
  

Final Thoughts: Which One Is Right for You?

If you answered yes to one or more of these questions, a revocable trust is likely the better choice for your estate plan. Every estate is unique, and the right choice depends on your personal goals and financial situation.

If you found this blog post helpful, please consider liking and sharing it with others who may benefit from this information. If you're ready to create or update your estate plan, reach out today to schedule a consultation. Don't wait until it's too late – let's work together to ensure your future is protected and your wishes are honored, no matter what lies ahead.

The information contained in this article is for informational purposes only and should not be construed as legal advice on any matter, nor relied upon as legal advice.  The transmission and receipt of information contained on this website, in whole or in part, does not constitute or create an attorney-client relationship.  The material on this website and this article is accurate to the best of our knowledge as of the date of posting, however rules, regulations, and limits can change often and these materials may not reflect the most current legal developments and updates may not be reflected herein.  Modern Legacy LLC disclaims all liability in regard to actions taken or not taken based on any or all of the contents on this site to the fullest extent permitted by law.  Do not take action or refrain from taking action without seeking professional legal counsel.