There are two tools available for passing the bulk of your financial legacy. The best choice for one person might not be optimum for another.
Either a will or trust can be the foundation of your estate plan. If it’s a trust, it’s usually a revocable living trust.
They’re not exclusive. Most estate plans have both a will and one or more trusts. But usually one document controls how the bulk of the estate is distributed and implements your most important decisions.
Consider the differences between the two tools carefully, because the best choice depends on your situation.
A key distinction between a will and a trust is that property subject to a will goes through probate. Property owned by a trust avoids probate.
Probate has pluses and minuses.