blog
Wills vs. Trusts: What's Right for You?
by
Hannah Roland
A lot of people have heard the term “trust” and feel like they need one simply because a friend or family member has one. That may be true, but it’s not always the case!
Wills vs. Trusts: What’s Right for You?
We get tons of questions here at Orbit Wills about the difference between Wills and Trusts and which option is the right choice for our customers. A lot of people have heard the term “trust” and feel like they need one simply because a friend or family member has one. That may be true, but it’s not always the case!
The best choice really depends on several factors—most importantly, your own preferences about how you would like your estate handled. In this blog, we are going to break down the differences between Wills and Trusts, bust a few common myths, and help you decide which makes the most sense for you and your family.
Let’s start with the basics.
What Does a Will Do?
A Will is a legal document that dictates who receives your assets after you pass away. It also allows you to select an "Executor"—the agent charged with carrying out the instructions in your Will.
Essentially, your Will is a set of instructions to the court regarding how to distribute your assets.
Myth: Skip Probate
A common myth is that having a Will allows your estate to skip the probate process entirely. That is not true! A Will must go through probate, but having one makes that process much, much easier.
What is probate? It is the court process of officially transferring assets from a deceased person’s name into their beneficiaries' names. Because it is a court process, it is a matter of public record and involves specific legal requirements.
Myth: Probate is Horrible
Don’t let the horror stories scare you. Washington State’s probate system is not the nightmare many people think it is. In fact, with a well-drafted Washington state Will, the process is completely manageable and can be over in a matter of weeks.
What Does a Living Trust Do?
A Living Trust is an alternative to a Will that allows your estate to avoid the probate process. While there are many types of trusts, we are focusing here on the revocable living trust, which is what most people are referring to when they ask about them.
A living trust holds your assets during your lifetime and dictates their distribution after death. While you are living, you act as the “trustee” (the controller) and the “beneficiary” (the one who benefits). You maintain full control and use your assets exactly as you would if they were in your name personally.
Once you pass away, the roles shift. Because the trust document itself explains who is in charge and where the assets go, there is no need for court intervention. This ensures that the distribution of your estate remains completely private.
Busting the "Trust" Myths
Myth: Putting assets in a trust protects me from lawsuits.
Fact: There is no automatic tax benefit or liability protection just by virtue of having a living trust. Its primary purpose is to make the distribution of assets after death more private and efficient.
Myth: A trust automatically avoids probate.
Fact: A trust only works if it is "funded." If you have assets titled in your own name at the time of your death rather than in the name of the trust, your estate will still have to go through probate to bring those assets into the trust.
Comparing the Two: At a Glance
Feature | Will | Living Trust |
Probate | Goes through probate | Avoids probate (if properly funded) |
Privacy | Public record | Private |
Effort | Simple upfront | Requires re-titling assets |
Cost | Less expense now; potential cost later | More expense now; potential savings later |
Which One Do You Need?
A trust isn’t automatically “better” than a will—it just solves different problems.
A Will may be more appropriate if you:
Do not own property in other states.
Want a solid estate plan without the upfront expense of a trust.
Want to avoid the ongoing work of re-titling assets. (This is common for people with young children or those whose assets change frequently).
Need an estate plan quickly due to surgery, travel, or illness.
A Trust may be more appropriate if you:
Are willing to do the work now to make the administration process easier for your family later.
Own real estate in multiple states.
Have a high concern for privacy regarding your estate.
The Bottom Line
Any estate plan is better than no plan in Washington State. A Will makes the necessary probate process easier, while a Trust acts as an extra step to streamline administration for your heirs.
If you are ready to move forward, Orbit Wills is here for you. If you are ready for a Will, we can help you get that done today. If you decide that a Trust is the better fit for your family, our affiliated attorney’s office can handle that for you—just let us know you’d like to be connected!
As always, please note that this is specifically about Washington state law.
