Save 20% on Estate Planning Services with Trust & Will

Wills and trusts have a lot of overlap, but also a lot of differences.

Wills are simpler documents that let you name guardians for kids and pets, designate where assets go, and specify final arrangements. The simplicity of a will does come with some drawbacks: a will offers more limited control over the distribution of assets and often has to go through a probate process after death.

Like a will, a trust also controls the disposition of assets but provides greater control over when and how your assets are distributed. Trusts only apply to assets held in the trust, so you will need to transfer assets to the trust. This makes a trust a little more complex to set up, but it brings a major benefit. Trusts are also often used to minimize or avoid probate entirely, which can be a huge draw for many and justifies the additional work upfront needed to create a trust.

Both are ways to say who will receive your assets—each has different ways of distributing those assets, as well as different advantages and disadvantages.

A will allows you to select who will take care of your family and pets, who will manage the administration of your estate, and who will receive assets from your estate.

Every state has default laws that control what happens if you die without a will. These default laws often conflict with what you would want for your family and loved ones. 

Dying without a will and relying on the default may lead to conflicts, disagreements, and court hearings that add to the burdens your family and loved one’s face after your death. 

The fundamental elements of estate planning include decisions that apply to almost everyone, regardless of wealth or assets. Many of these are critical decisions that should be made by everyone, regardless of your financial status or age.

You can choose what you need:

• Direct the disposition of assets after your death. This includes leaving gifts to show your love, affection, or support to certain individuals and charities.
• Nominate guardians for your children and/or pets.
• Name the individuals to represent you if you are unable to do so yourself.
• Create a trust to bypass probate and transfer assets during life and after death.

You’ll just need to provide the following information:

• Basic information about you, your family, and your pets
• A person to name as guardian to take care of your children and pets
• A name for your trust
• A person to name as Successor Trustee to manage your trust and distribute your assets
• Who you’d like to receive your assets and whether you want to make any gifts to charity or to specific individuals
• Preferences for your final arrangements

You’ll also have the option to provide information about your assets (This helps your Successor Trustee and Beneficiaries collect and distribute your estate) but it’s not legally required. After the trust is created and signed, you’ll begin transferring your assets. Transferring assets is what allows your belongings to avoid probate. 

You’ll just need to provide the following information:

• Basic information about you, your family, and your pets
• A person to name as guardian to take care of your children and pets
• A person to name as an executor to administer your estate and carry out your will
• Who you want to receive your assets and whether you want to make any gifts to charity or to specific individuals
• Preferences for your final arrangements

Trust & Will also provides the option to provide information about your assets (This helps your executor and beneficiaries collect and distribute your estate.) 

Probate is the process through which someone seeks authority from a court of law to act as the official representative of an estate. Once this authority is obtained, you will be able to investigate what assets the deceased owned, what debts they owed, and how much their heirs will receive.

The probate process generally consists of the following steps:

1. Petition the court to become the legal representative of the estate.
2. Notify heirs and debtors.
3. Change legal ownership of assets from the deceased individual to the “Estate of [Name of the Deceased].”
4. Pay any funeral expenses, taxes, and debts.
5. Transfer assets to heirs.
6. Notify the court of your actions and close the estate.

Using Trust & Will for your estate-planning needs allows you to save more than 80% of what a private attorney may typically cost.

It’s as easy as taking an online survey. By answering one question at a time, you’ll see your progress and anticipate what’s next with the step-by-step online process. Our partner is available during the process should you have questions and when you finish, you’ll have the legal documents you need.

Your Quorum discount is displayed in the banner at the top of the page throughout the document-creation process. Your discounted price will be shown at checkout (as well as the dollar amount discounted from the retail price).