Wills vs. Trusts: An Estate Planning Attorney Guide
- Meason & Morris Law
- 4 days ago
- 9 min read
We all want to protect the people we love. We work hard to buy homes, build savings, and take care of our families. But have you ever thought about what happens to your things when you are gone? Who will take care of your children? Who will get your home, your savings, or your favorite family photos?
Many people do not like to think about these questions. It can feel scary or sad. Because of this, many people put off making a plan. In fact, more than half of all American adults do not have any plan in place.
But leaving your family without a plan can cause big problems. It can lead to fights, high court costs, and long delays. Your family might have to wait months or even years to get what they need.
That is where estate planning comes in. Estate planning is just a fancy term for making a plan for your future. It lets you decide who gets your things and who cares for your children.
When you start this process, you will hear about two main tools: wills and trusts. You might wonder: What is the difference? Do I need a will, a trust, or both?
This guide will answer those questions. We will explain wills and trusts in simple terms. As an experienced estate planning attorney team, we want to help you make the best choice for your family. Let us look at how these tools work and how to choose the right one.
What Is Estate Planning and Why Does It Matter?
Before we look at wills and trusts, let us talk about estate planning as a whole. Many people think estate planning is only for very rich people. They think you need a mansion or millions of dollars to need a plan.
This is a big mistake. Your "estate" is simply everything you own. It includes:
• Your home or apartment.
• Your bank accounts and retirement savings.
• Your car.
• Your personal belongings, like jewelry, books, or electronics.
• Your pets.
No matter how much money you have, you have an estate. And more importantly, you have people you care about. Estate planning is not about how much money you leave behind. It is about making things easy for the people you love.
If you pass away without a plan, the state where you live will make a plan for you. The court will use state laws to decide who gets your money and your home. These laws are called "intestacy laws."
The state's plan might not be what you want. For example, if you are living with a partner but are not married, the state might give everything to your parents or siblings instead of your partner. If you have children, the court will decide who raises them. This can cause a lot of stress and sadness for your family during a time when they are already grieving.
A good estate plan acts like a roadmap. It tells your family exactly what to do. It stops arguments before they start. It also saves your family money by keeping them out of court. Working with an estate planning attorney is the best way to make sure your roadmap is clear and legal.
Understanding Wills: The Basics
A will is the most common estate planning tool. Its full name is a "last will and testament." Think of a will as a letter of instructions to the court and your family. It tells everyone what you want to happen after you pass away.
A will only starts to work after you die. It has no power while you are still alive. If you get very sick and cannot make decisions, your will cannot help you.
Key Parts of a Will
When you write a will, you must make a few important decisions. Here are the key roles you will need to fill:
• The Beneficiaries:
These are the people or organizations who will get your things. You can leave your home to your spouse, your savings to your children, and a gift to your favorite charity.
• The Executor:
This is the person you trust to carry out your wishes. They will collect your assets, pay your final debts and taxes, and give your remaining things to your beneficiaries. This is a big job, so you should choose someone who is organized and honest.
• The Guardian:
If you have children who are under 18 years old, this is the most important part of your will. A guardian is the person who will raise your children if you and their other parent pass away. If you do not name a guardian in a will, a judge will choose one for you. The judge does not know your family, so they might not choose the person you would want.
The Pros of a Will
Wills are very popular for a reason. Here are the main benefits of using a will:
1.They are simple and cheap to set up: It costs less to write a basic will than to set up a trust.
2.They let you name a guardian for your kids: This is something you can only do in a will. You cannot name a guardian in a trust.
3.They are easy to change: You can update your will at any time as your life changes. You can add new children, change your executor, or leave things to different people.
The Cons of a Will
While wills are great, they also have some big drawbacks:
1.They must go through probate court: This is the biggest downside of a will. We will talk more about probate in the next section, but it is often slow, public, and expensive.
2.They do not offer immediate help: Because a will only works after you die, it cannot help if you become too sick to manage your own affairs.
3.They are public record: Once your executor files your will in probate court, anyone can read it. If you want to keep your financial details private, a will is not the best choice.
The Truth About Probate Court
To understand why many people choose trusts over wills, you need to understand probate.
Probate is the legal process of wrapping up your estate after you die. When you have a will, your executor must take the will to a probate court. The judge will check the will to make sure it is real and legal. Then, the court will supervise the executor as they pay your debts and give out your assets.
While probate sounds simple, it can be a major headache for your family. Here is why:
• It is slow:
Probate can take a long time. Even for simple estates, it often takes six months to a year. If your estate is complex or if family members fight, it can take several years. During this time, your family may not be able to touch your bank accounts or sell your home.
• It is expensive:
Probate is not free. There are court fees, executor fees, and attorney fees. In many states, these costs can easily take 3% to 7% of your estate's total value. That means if you leave behind a $300,000 home, your family might have to pay $9,000 to $21,000 in probate fees.
• It is public:
Probate court cases are public. Anyone can go to the courthouse or look online to see what you owned, who you owed money to, and who is getting your assets. This can make your family targets for scammers or nosy neighbors.
Because of these problems, many people look for ways to avoid probate court. The best way to do that is by using a trust.
Understanding Trusts: The Basics
A trust is another powerful tool for estate planning. While a will is like a letter of instructions, a trust is more like a safe deposit box or a bucket.
When you set up a trust, you create a legal entity to hold your assets [1]. You transfer the ownership of your things—like your home, your bank accounts, or your investments—into the trust.
Unlike a will, a trust can work while you are still alive. It can also continue to work long after you pass away.
Key Parts of a Trust
Just like a will, a trust has specific roles:
• The Grantor:
This is you. You are the person who creates the trust and puts your assets into it.
• The Trustee:
This is the person who manages the trust assets. For most common trusts, you will be the trustee while you are alive. This means you keep total control over your things. You can buy, sell, or spend whatever is in the trust, just like you do now.
• The Successor Trustee:
This is the backup manager. You choose this person to take over if you get too sick to manage the trust or when you pass away. They will distribute the assets in the trust to your beneficiaries according to your rules.
• The Beneficiaries:
These are the people who will get the assets or the income from the trust.
Revocable vs. Irrevocable Trusts
There are many types of trusts, but they usually fall into two main groups:
1.Revocable Living Trusts:
This is the most common type for families. "Revocable" means you can change or cancel the trust at any time. You keep total control. If you change your mind, you can take your home out of the trust or change who gets your savings.
2.Irrevocable Trusts:
Once you set up this trust, you cannot easily change or cancel it. You give up control of the assets you put inside. People use these for special reasons, like reducing estate taxes or protecting assets from creditors. Most everyday families do not need an irrevocable trust.
The Pros of a Trust
Trusts offer several amazing benefits that wills cannot match:
1.They avoid probate court entirely:
This is the number one reason people choose trusts. Assets held in a trust do not go through probate. Your successor trustee can give your assets to your loved ones in weeks or even days, without any court involvement. This saves your family time, stress, and thousands of dollars.
2.They keep your business private:
Because trusts do not go through probate, they do not become public record. Your financial details stay private between your trustee and your beneficiaries.
3.They protect you if you get sick:
If you become incapacitated (meaning you cannot make decisions due to illness or injury), your successor trustee can step in immediately. They can pay your bills and manage your investments without having to go to court to get permission.
4.They give you control over when and how people get your money: A will gives your assets to your beneficiaries all at once. If you have an 18-year-old child, they could get a huge sum of money on their birthday. With a trust, you can set rules. You can say they get 10% when they graduate college, 20% when they turn 25, and the rest when they turn 30.
The Cons of a Trust
While trusts are highly flexible, they do have a few downsides:
They cost more upfront:
Setting up a trust is more complex than writing a will, so it costs more to create. However, it usually saves your family much more money in the long run by avoiding probate.
They require "funding":
Simply signing a trust document is not enough. You must "fund" the trust. This means you have to change the deeds on your home and the names on your bank accounts to show that they are owned by the trust. If you do not fund your trust, it will not work, and those assets will still have to go through probate court.
They cannot name guardians for kids:
As we mentioned before, you still need a will to name a guardian for your minor children.
Why You Need an Estate Planning Attorney
You might wonder if you can handle your estate planning on your own. While there are many online tools, estate planning is not a one-size-fits-all process. Your family, your assets, and your goals are unique.
An experienced estate planning attorney does much more than just fill out paperwork. They will:
• Listen to your goals and help you choose the right tools.
• Make sure your documents follow your state's specific laws.
• Help you correctly "fund" your trust so it actually works.
• Help you plan for taxes so your family keeps more of your hard-earned money.
• Give you and your family peace of mind, knowing that your plan is solid and legal.
At Meason & Morris Law, we believe that estate planning should be clear and stress-free. We take the time to explain your options in plain English, without any confusing legal jargon. We want to help you build a plan that protects your legacy and gives your family a bright, secure future.
Take the First Step Today
Thinking about the future can be hard, but taking action is one of the greatest gifts you can give to your family. It shows them that you care about their peace of mind and want to protect them, even when you are no longer here.
Whether you need a simple will, a revocable living trust, or a complete estate plan, we are here to guide you every step of the way.
Do not leave your family's future to chance. Contact Meason & Morris Law today to schedule a consultation with a compassionate and knowledgeable estate planning attorney. Let us help you choose what is right for you and build a plan you can count on.
Meason & Morris Law is a legal firm led by seasoned attorneys Marty Meason and Chris Morris. We provide a professional experience for all our clients, helping them navigate their legal rights. We focus on Criminal Justice Law (felonies and misdemeanors), Divorce and Family Law, Expungement and Felony Law, Probate Law and also have Trial experience. Serving Washington County, Nowata County, Osage County, Rogers County, Payne County, Pawnee County, and Kay County in Oklahoma.
Meason & Morris Law
515 Delaware Ave
Bartlesville, OK 74003
918-336-6300
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