How a Will and a Trust Differ — And Which You Need
How a Will and a Trust Differ — And Which You Need
Planning your estate is one of the most important decisions you’ll ever make. But many people are unsure whether they need a will, a trust, or both. While these tools are often used together, they serve different purposes—and choosing the right one depends on your goals, family situation, and assets.
At Craig F. Miller Law Firm, we help clients across Palos Heights and the greater Chicago area build estate plans that protect what matters most. Here’s a breakdown of how wills and trusts work, what sets them apart, and how to decide what’s right for you.
What Is a Will?
A will (formally called a “last will and testament”) is a legal document that:
- Directs how your property will be distributed after your death
- Names a guardian for your minor children
- Appoints an executor to carry out your wishes
Key features of a will:
- Takes effect
only after your death
- Must go through
probate court
- Public record after filing
- Can be contested by family members or heirs
Why it matters: If you die without a will in Illinois, your estate will be distributed based on state intestacy laws, which may not reflect your wishes.
What Is a Trust?
A trust is a legal entity that holds and manages assets on behalf of beneficiaries. Unlike a will, a trust can take effect while you’re still alive.
Common type: A revocable living trust, which allows you to:
- Maintain control of your assets during your lifetime
- Automatically transfer property to beneficiaries after death
- Avoid the public, time-consuming probate process
Key benefits of a trust:
- Avoids probate
- Offers
privacy
- Allows for
more control over when and how assets are distributed
- Can include provisions for
incapacity planning
Learn more about Estate Planning Services at our firm.
Will vs. Trust – Side-by-Side Comparison
| Feature | Will | Trust |
|---|---|---|
| When it takes effect | After death | Can be active during your life |
| Probate required | Yes | No (if properly funded) |
| Privacy | Public | Private |
| Asset management if incapacitated | Requires court | Built-in provision |
| Controls timing of distribution | Limited | Flexible |
| Useful for minor children | Yes | Yes (but with more complexity) |
Which One Do You Need?
The best estate plans often include both a will and a trust. But here are some general guidelines:
You may benefit from a will if:
- You have
minor children and need to name a guardian
- Your estate is
small or straightforward
- You’re comfortable with the probate process
You may need a trust if:
- You want to
avoid probate and maintain privacy
- You own
real estate in multiple states
- You want to manage assets for children, disabled family members, or loved ones with special needs
- You want to
control how and when beneficiaries receive their inheritance
- You may face
estate tax exposure
Trusts also make it easier to manage assets in the event of incapacity due to illness or injury.
Common Misconceptions About Wills and Trusts
"Only the wealthy need a trust."
Not true. A living trust can help middle-class families avoid probate costs and delays, especially if you own a home or have children.
"I don’t need a will because everything will go to my spouse."
This isn’t always guaranteed—especially if you have children from a previous marriage. Without a will, Illinois intestacy laws apply, which may split assets between your spouse and children.
"A will avoids probate."
Actually, all wills must be filed with the probate court in Illinois, and the process can take months (or longer if contested).
FAQs – Wills, Trusts, and Illinois Law
Q1: Do all estates go through probate in Illinois?
Not necessarily. If your assets are held in a trust, or if your estate is small enough (under $100,000 with no real estate), you may qualify for a simplified process.
Q2: Can I change a trust after I set it up?
Yes, if you create a
revocable living trust, you can change or cancel it during your lifetime.
Q3: Who should be the trustee of my trust?
You can name yourself, a spouse, a trusted adult child, or a professional fiduciary. After your death or incapacity, a successor trustee takes over.
Q4: What happens if I die without a will or trust in Illinois?
The court will appoint an administrator, and your assets will be distributed under Illinois intestacy laws—which may not reflect your wishes.
Q5: Do I need both a will and a trust?
In many cases, yes. A
"pour-over" will ensures that any assets not titled in the name of your trust still get transferred properly upon your death.
Talk to an Illinois Estate Planning Attorney Today
There’s no one-size-fits-all answer when it comes to wills and trusts. Your best choice depends on your family, your goals, and your assets. At Craig F. Miller Law Firm, we’ve been helping Illinois families with estate planning since 1980. We’ll help you:
- Understand your options
- Draft customized legal documents
- Ensure your loved ones are protected—no matter what the future holds
Call us at
(708) 422‑1121
Visit us at: 11800 S 75th Ave, Suite 102, Palos Heights, IL 60463
Email: cfmillerlaw@yahoo.com
Hours: Monday–Friday 9am–5pm | Saturday & Sunday by appointment
