Will vs. Trust vs. Living Will
A plain-language comparison to help you decide which estate planning documents you actually need.
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| Feature | Last Will & Testament | Living Trust Revocable | Living Will Healthcare |
|---|---|---|---|
| Avoids Probate | Goes through probate court | Assets transfer privately, no court | — |
| Keeps Affairs Private | Wills become public record | Stays private — not filed with court | — |
| Works at Incapacity | Only takes effect at death | Successor trustee steps in immediately | Directs healthcare decisions |
| Names Guardians for Children | Primary tool for guardian designation | Use a pour-over will alongside | |
| Controls Asset Distribution | After probate process | Immediate, detailed instructions | |
| Covers All Assets Automatically | Only covers assets titled in the trust | ||
| Handles Multi-State Real Estate | Requires probate in each state | Single document, no extra probate | |
| Provides for Minor Children | Names guardian + trustee for minors | Detailed age-based distribution rules | |
| Healthcare Decisions | Life support, organ donation, etc. | ||
| Typical DIY Cost | $50 at Elder & Estate | $50 at Elder & Estate | Included with Will/Trust |
| Attorney Cost | $300–$1,000 | $1,500–$5,000+ | $200–$500 |
| Easy to Update | Add codicils or rewrite | Amendment or restatement |