Will vs. living trust: which one do you actually need?

What a will does

Directs who inherits your assets, names a guardian for minor children, and appoints an executor.

A will must go through probate — a public court process that averages 6–12 months and 3%–7% of the estate in fees.

What a living (revocable) trust does

You transfer assets into the trust while alive; you're the trustee, so you keep full control.

When you die or become incapacitated, a successor trustee distributes assets privately, without probate.

When a will alone is enough

Modest estates in a state with a simplified small-estate process (varies from $25k to $184k in California).

No minor children, no out-of-state real estate, and no privacy concerns.

When you should add a living trust

You own real estate in more than one state (avoids multiple probates).

You want privacy (probate is public record; trusts aren't).

You have blended-family, disability, or business succession considerations.

The 'pour-over' will nobody explains

Even with a trust, you still need a short 'pour-over' will that sweeps any forgotten assets into the trust after you die.

Without it, anything not titled in the trust's name at death still goes through probate.

Common mistakes

Setting up a trust and never actually retitling the house or bank accounts into it — the trust is empty and probate happens anyway.

Naming the same person as executor, trustee, agent under POA, and healthcare proxy. Spread the workload if possible.