A will and a revocable trust serve different functions, and many plans use more than one document. The better question is how each piece should work with the client’s assets and goals.
Begin with assets and ownership
Real estate, bank accounts, business interests, insurance, retirement assets, and jointly held property may transfer in different ways. A document cannot control an asset if ownership or beneficiary arrangements direct it elsewhere.
An inventory helps determine which tools may be useful and which ownership or beneficiary updates deserve attention.
Consider management during life as well as transfer at death
Estate planning also addresses who may handle financial or health decisions if the client cannot act. Powers of attorney and health-care documents may be as important as the transfer documents.
A trust may provide a management structure for assets placed into it, while a will can direct probate assets and name important representatives.
Build a coordinated plan, not a document collection
The appropriate combination depends on family, property, privacy, probate, taxes, decision-makers, and future maintenance. Generic forms may not address those relationships.
This overview is informational. Individual planning requires review of the client’s actual circumstances and current law.
This article provides general information and may become outdated. It is not legal advice and does not create an attorney-client relationship.