What is the Difference Between a Living Revocable Trust and a Will?
Oct 15, 2024
There are several key differences between a living revocable trust and a will:
One of the main advantages of a living revocable trust is that it can help avoid probate. Probate is the legal process through which a court validates a will and distributes assets to beneficiaries. With a living revocable trust, assets are owned by the trust and not the individual, so they do not go through probate. In contrast, a will needs to go through probate, which can be time-consuming and expensive.
A living revocable trust offers more privacy compared to a will. When a will is probated, it becomes a public record, meaning anyone can access and review it. On the other hand, a trust does not go through probate, so its contents and distribution plans remain private.
A living revocable trust provides more flexibility in managing assets during the grantor's lifetime. The grantor can name themselves as the initial trustee and continue to control and use the assets placed in the trust. They can also make changes or revoke the trust entirely if desired. In contrast, a will only takes effect after the grantor's death and does not offer the same level of control or flexibility.
A living revocable trust can also serve as an incapacity planning tool. If the grantor becomes unable to manage their affairs due to incapacity or illness, the successor trustee named in the trust can step in and manage the assets on their behalf. A will does not provide this level of incapacity planning.
Setting up a living revocable trust may involve higher upfront costs compared to creating a will. Trust administration may also require ongoing fees, such as trustee fees or legal fees. However, these costs can often be offset by the potential savings in probate expenses and the added benefits mentioned above.
It's important to consult with an estate planning attorney or professional to determine which option is most suitable for your specific needs and circumstances.





