Wills, Trusts, and why Estate Planning Matters

It Matters More Than You Think

We have three choices for what happens to everything we've worked for:

• Leave it to the people we love
• Leave it to causes we care about
• Leave it to the government to decide

Most people avoid estate planning—but not deciding is still a decision. And it often leaves loved ones stuck in court, out of funds, and under stress. Whether you’re planning for your children, protecting assets, or preserving your legacy, the tools you put in place now can make a big difference later.

What Happens When Someone Dies Without a Will or Trust?

When someone dies without a will (called intestate), things get messy fast. 

Here’s what happens; 

1. Your estate goes to probate court
2. Your children could end up in foster care
3. The state—not your family—decides who gets what
4. Every property in another state = separate probate
5. Delays and legal fees add up, and could last for years
6. Your family may have to front funeral and household expenses while waiting
7. There may not be assets available for your final expenses
8. The process will bring added stress to your family

To put it simply, family or friends must:

• Take inventory of all assets and debts
• Petition the court to appoint a personal representative
• Divide everything according to state law, not the deceased’s wishes

Here are two important questions to consider:

• Do you have minor children—and have you legally named a guardian so they’ll never face the foster system?
• How long could your family cover living expenses while waiting for access to your assets?

What Happens When You Have a Will?

If someone has a will, things are better—but not perfect. A will allows someone to:

• Name who you want to be in charge of carrying out your wishes (executor)
• Name guardians for children
• Set up a plan for your pets
• Decide who inherits what

The catch? Most wills still have to go through probate, which can take months or even years. A lawyer I’ve partnered with shared how within a recent 8 month period, 11 of his clients were still stuck in probate after two years.

Here’s an additional (and very important) note: Please make sure the beneficiaries on your bank accounts, life insurance, retirement plans, etc. match your will. Those are legally binding elections, and take precedence over your will. So… if you forgot to take your ex-spouse off your life insurance, they inherit even if your current spouse is listed in your will. 

Why Consider a Trust?

A living trust helps families skip the court system altogether. It’s a legal entity you create while you’re alive. You keep control of your assets as the trustee, and if something happens to you, a successor trustee steps in—without waiting on a judge or government approval.

Trusts help you:

• Avoid probate entirely
• Avoid potential will contests 
• Maintain privacy (wills become public record; trusts don’t)
• Allow someone to manage your affairs if you're incapacitated
• Decide how and when money is distributed (which is especially useful if you're leaving wealth to younger heirs)
• Save your family time and money 

Even better? You can change or revoke a revocable living trust at any time. It’s flexible, private, and keeps your family out of court.

But here’s an important point: You do have to “fund the trust”. That means, you need to make the trust the owner and/or beneficiary of your assets. Otherwise, they still go through probate, they still can be contested, or they still go to whoever is currently listed as the beneficiary. 

WHO is a trust good for? 

If you: 

• Have young kids
• Own your home
• Have multiple properties 
• Have a business 
• Have a large estate

If any of these apply to you, it’s worth having an initial consultation with an estate planning attorney to see if a trust makes sense for you. 

There are factors make it even more important to have a proper estate plan: 

• Blended families
• Unmarried individuals without children

 

Will vs. Trust: What’s the Difference?

Feature	Will	Living Trust
Takes Effect	At Death	Immediately (during lifetime)
Covers All Assets?	No	Yes, if properly funded
Requires Probate?	Yes	No
Private?	No	Yes
Manages Assets While Alive?	No	Yes
Controls Guardianship for Kids	Yes	Yes (through related documents)

Important Note: A Power of Attorney ends at death. You still need a will and/or trust to control what happens after.