When you’re planning your estate, one of the first questions that comes up is whether you need a will, a trust, or both. At Legacy Law Center, we help families make this decision based on their specific circumstances. The truth is, there’s no one-size-fits-all answer. What works for your neighbor might not be the best choice for you.
Understanding The Basics
A will is a legal document that spells out how you want your assets distributed after you die. It goes through probate, which is the court process that validates the will and oversees the distribution of your estate. A trust, on the other hand, holds your assets during your lifetime and distributes them according to your instructions without going through probate. Both tools accomplish the same basic goal, but they get there through different paths.
The Probate Factor
Probate is often the deciding factor for families choosing between these options. In Missouri, probate can take several months to over a year, depending on the complexity of the estate. During this time, your assets are tied up, and your family can’t access them without court approval. A revocable living trust lets your family skip probate entirely. The trustee you’ve named can distribute assets right away, without waiting for court approval. This saves time and money, and it keeps your affairs private since trust documents don’t become public record, as wills do.
When A Will Makes Sense
For some families, a will is perfectly adequate. If your estate is relatively simple and you don’t mind the probate process, a will might be all you need. Wills are typically less expensive to set up initially, and they’re straightforward.
Here’s when a will often works well:
- You have a modest estate with few assets
- Your beneficiaries are adults who can wait through probate
- You don’t own property in multiple states
- Privacy isn’t a major concern for you
When A Trust Provides More Protection
Trusts offer advantages that wills simply can’t match. Working with a Chesterfield estate attorney, you can set up a trust that provides ongoing management of your assets if you become incapacitated. A will only takes effect after you die, but a trust protects you during your lifetime too. Trusts are particularly valuable if you have minor children, a blended family, or adult children who might not be ready to inherit a lump sum. You can specify exactly when and how beneficiaries receive their inheritance. Some parents prefer to distribute assets over time rather than all at once.
Cost Considerations
Yes, trusts cost more to establish than wills. However, you need to look at the total picture. The upfront cost of creating a trust often balances out when you factor in probate costs, which typically run between 3% and 7% of your estate’s value in Missouri. If you own real estate in multiple states, a trust can save your family from going through probate in each state where you own property. That alone can justify the initial investment.
The Flexibility Question
One common misconception is that trusts lock everything up, and you can’t make changes. That’s not true with a revocable living trust. You maintain complete control. You can add or remove assets, change beneficiaries, or even dissolve the trust entirely if your circumstances change. We’ve seen families change their estate plans multiple times over the years as children are born, marriages happen, and financial situations evolve. A Chesterfield estate attorney can help you create a flexible plan that grows with your family.
The best choice for your family depends on your assets, your family structure, and your goals. We work with Missouri families every day to evaluate these factors and create plans that actually work for their unique situations. Reach out to discuss which approach makes the most sense for protecting what you’ve built and providing for the people you love.
