What Seniors Should Know About Trusts vs. Wills


The words estate planning may sound more complex than you want to tackle. But once you sort out the basics, it’s simply two different tools with specific jobs.

A will states who gets what after you’re gone. A trust can provide additional legal control over when and how your assets are distributed, during and after your lifetime.

The Basics of Each Document

Will:

A will is a legal declaration that:
  • Names beneficiaries
  • Appoints guardians for minor dependents
  • Designates an executor to manage your estate
It only takes effect after death and will likely be subject to probate.

Trust:

A trust is a legal entity that holds property on behalf of beneficiaries. A revocable living trust is one that you can modify at any time before your death and can avoid probate for assets titled in the trust’s name.

The Modern Estate Plan Usually Includes Both

You might wonder why you’d need a will if a trust can do so much in assisted living Lakewood. A will still perform several important functions that a trust cannot replace:

  • Names a personal representative to manage your estate, pay final bills and taxes, and oversee asset distribution
  • Provides guardianship for minor grandchildren if you have financial obligations to them
  • Ensures assets titled only in your individual name (“oops”) are added to the trust (“pour over”) after your death
  • States your intent for sentimental or personal property that may not have market value but holds family importance

Advantages of a Trust

A trust can offer specific advantages, which is why many people add one to their estate plan while in assisted living facilities:
  • May shorten the court process and keep family matters private
  • Helps avoid probate if you own real estate or property in more than one state
  • Allows staged distributions for young adults (for example, “tuition at 18, balance at 30”)
  • Protects you if you become ill and need help managing your finances

Key Documents That Work Together

  • Durable financial power of attorney: allows someone to act for you if you become incapacitated
  • Health care proxy and advance directive (living will): outline your wishes in a medical emergency
  • Beneficiary designations: for retirement accounts, life insurance policies, and other assets

Errors to Avoid

  • Setting up a trust but not retitling your assets into it
  • Failing to update beneficiaries after marriage, divorce, or death
  • Not leaving access information for digital accounts and passwords
  • Ignoring state laws that affect taxes, spousal rights, or notarization requirements

Actions to Take Now

  • Inventory all accounts, deeds, loans, and insurance policies and keep the list in one place
  • Evaluate who among your children or relatives has the organization and financial sense to serve as executor or trustee
  • Communicate with adult children about where documents are kept and what to expect
  • Review your plan every three to five years, or after major life events like divorce or buying a new home
Public libraries, senior centers, senior living Lakewood communities, and local bar associations often have free or low-cost workshops on estate planning. They can help you learn how to find an estate planning attorney in your area.

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