Revocable Living Trust vs Will: Key Differences

Will vs. Living Trust: What You Need to Know

Your estate plan should include an anchor document to protect your assets and your family. Understanding the difference between a Will and a Revocable Living Trust helps you choose the right path.

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Will and Trust included in one plan

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What is a Will?

A Last Will and Testament is a legal document that outlines how you want your assets distributed after you pass away. It lets you name beneficiaries, designate guardians for minor children, and specify your wishes for your estate.

A Will only takes effect after death and must go through probate, the court-supervised process of validating and executing the document. During probate, the court reviews your Will, confirms its validity, and oversees the distribution of your assets according to your instructions.

For many families, a Will is the foundation of their estate plan. It is the only document where you can name a guardian for your minor children.

Key facts about a Will

Key facts about a Living Trust

What is a Revocable Living Trust?

A Revocable Living Trust is a legal document that holds your assets during your lifetime and distributes them after you pass away. Because the trust owns the assets (not you personally), they can transfer to your beneficiaries without going through probate.

You maintain full control as the trustee and can change or revoke the trust at any time. You can continue to buy, sell, and manage your assets just as you always have.

The biggest advantage of a Living Trust is privacy and speed. When you pass away, your assets transfer directly to your beneficiaries without court involvement, public record, or lengthy delays.

Side-by-Side Comparison

See how a Will and a Living Trust compare across the factors that matter most for your family.

Feature

Will

Living Trust

When it takes effect

After death

During your lifetime

Probate required

Yes

No

Privacy

Public record (probate)

Private

Cost to create

Lower upfront

Higher upfront

Ongoing maintenance

Minimal

Must fund the trust

Guardianship for children

Yes

No (need a Will too)

Covers incapacity

No

Yes

Complexity

Simpler

More complex

Many families benefit from having both a Will and a Living Trust as part of a comprehensive estate plan. Gentreo makes it easy to create both.

Do I Need Both?

Many people benefit from having both documents. A trust handles asset distribution and avoids probate, while a “pour-over” Will acts as a safety net to catch any assets not transferred to the trust. A Will is also the only document where you can name guardians for minor children.

Not sure which is right for you? Gentreo's guided process helps you decide.

Why Create Your Documents with Gentreo?

All Documents Included

One plan covers your Will, Living Trust, Power of Attorney, Health Care Proxy, and more.

Guided Process

Answer simple questions and Gentreo creates your state-specific, legally binding documents.

Affordable

Complete estate plan for $150 your first year, then $50/year. Traditional attorneys charge $3,000+.

Frequently asked questions

The main difference is when each document takes effect and how assets are transferred. A Will takes effect only after you pass away and must go through probate, a court-supervised process. A Living Trust takes effect during your lifetime, and assets held in the trust transfer directly to your beneficiaries without probate. This means faster, more private distribution for your family.

You are not required to hire a lawyer to create a Will or Trust. Gentreo's online platform guides you through the process with simple questions and generates state-specific, legally binding documents. However, if you have an especially complex estate or unique legal circumstances, consulting with an attorney may be helpful. Gentreo is not a law firm or a substitute for an attorney's advice.

Yes, and many estate planning professionals recommend it. A Living Trust handles the distribution of assets you have transferred into the trust, while a "pour-over" Will acts as a safety net for any assets that were not placed in the trust before you passed away. A Will is also the only document where you can name a guardian for minor children.

If you die without a Will or Trust (called dying "intestate"), your state's laws determine how your assets are distributed. This typically means a court decides who inherits your property, which may not align with your wishes. The process can be time-consuming, costly, and stressful for your family.

Traditional attorneys often charge $1,000 or more for a Will and $3,000+ for a Trust. With Gentreo, your entire estate plan (including both a Will and a Living Trust, plus Power of Attorney and Health Care Proxy) is included for $150 your first year and $50 per year after that.

Yes. Both a Will and a Revocable Living Trust can be updated at any time while you are alive and mentally competent. With Gentreo, you can log in and make changes to your documents whenever your circumstances change, whether you get married, have children, move to a new state, or simply change your mind.

Not entirely. A Living Trust handles the distribution of assets placed in the trust and helps your family avoid probate. However, a Will serves important functions that a Trust cannot, such as naming guardians for minor children. Most comprehensive estate plans include both a Trust and a pour-over Will.

Gentreo's online platform walks you through a guided, step-by-step process. You answer straightforward questions about your family, assets, and wishes, and Gentreo generates your legally binding, state-specific documents. Your plan includes a Will, Living Trust, Power of Attorney, Health Care Proxy, and access to Gentreo's Digital Family Vault for secure document storage.

Protect What Matters Most

Create your Will, Living Trust, and complete estate plan with Gentreo.