Will vs. Living Trust vs. No Plan
A neutral side-by-side of what each option costs, how it works, whether it keeps your affairs private, and who each one fits. Figures are general ranges, not quotes.
| Compare your options | No plan Intestate | Will Last will and testament | Living trust Revocable |
|---|---|---|---|
| Upfront cost | $0 | DIY from ~$0-150, or attorney-drafted ~$300-1,000 | Online from ~$150-500, or attorney-drafted ~$1,000-3,000+ |
| Setup process | Nothing to set up. State intestacy law decides who inherits | Write and sign with witnesses. Names guardians and an executor | Create it online or with an attorney, then retitle assets into it so it is funded |
| Avoids probate | No | No | Yes |
| Stays private | No | No | Yes |
| Covers incapacity while living | No | No | Limited |
| Easy to update later | Nothing to update | Yes. Re-sign or add a codicil anytime | Simplest with an attorney. Online tools allow only limited edits |
| Who it fits | No one as a lasting choice. Leaves decisions to the court | Most adults, especially parents naming guardians for minor children | Homeowners and larger estates, or anyone wanting privacy and no probate |
Ready to put a plan in place?
Once you know whether a will or a living trust fits your situation, you can create the documents online with our vetted estate planning partner, or use this page as a checklist when you meet with an attorney.
Our vetted partner link will appear here soon. In the meantime, consult a qualified estate planning attorney to execute your plan.
Essential Estate Documents
Will
EssentialNames guardians for children and distributes assets not in trusts
Revocable Living Trust
ImportantAvoids probate, provides privacy, and enables smooth asset transfer
Healthcare Power of Attorney
EssentialDesignates who makes medical decisions if you're incapacitated
Financial Power of Attorney
EssentialDesignates who manages finances if you're incapacitated
HIPAA Authorization
ImportantAllows designated people to access your medical information
Beneficiary Designations
EssentialOn 401(k), IRA, life insurance - these override your will!
Planning by Life Stage
Single Adult
- Basic will
- Healthcare POA
- Financial POA
- Beneficiary updates
Married / Partnered
- Update all documents
- Joint ownership review
- Spousal provisions
New Parents
- Guardian designations
- Life insurance review
- Education funding
Growing Family
- Trust considerations
- Asset protection
- Regular reviews
Key Estate Planning Concepts
Probate
Court-supervised process of distributing assets. Can be slow, expensive, and public. Trusts and beneficiary designations bypass probate.
Estate Tax
Federal exemption is $15M per person (2026, made permanent by the OBBBA). Most people don't owe estate tax, but state estate taxes may apply at lower thresholds.
Charitable Giving
Charitable Remainder Trusts (CRTs), Donor-Advised Funds (DAFs), and charitable bequests can reduce estate taxes while supporting causes you care about. Often provides income tax benefits too.
Estate & Charitable Strategies
View allDonor-Advised Fund (DAF)
Donate appreciated stock, avoid capital gains tax, get immediate deduction, grant to charities over time.
Charitable Remainder Trust (CRT)
Convert highly appreciated assets into lifetime income stream while benefiting charity.
Dynasty Trust
Transfer wealth across multiple generations while avoiding estate taxes at each generation.
Qualified Charitable Distribution (QCD)
Age 70.5+? Send IRA money directly to charity tax-free, without it counting as taxable income.
Annual Gift Tax Exclusion
Give $19,000/person/year tax-free - remove assets from estate without using exemption.
Charitable Remainder Unitrust (CRUT)
Transfer appreciated assets, receive variable income for life, charity gets remainder.
Irrevocable Life Insurance Trust (ILIT)
Remove life insurance from estate - heirs receive proceeds tax-free.
Grantor Retained Annuity Trust (GRAT)
Transfer appreciating assets to heirs with minimal gift tax - "estate freeze" strategy.
When to Review Your Estate Plan
- Marriage or divorce
- Birth or adoption of a child
- Death of a beneficiary or executor
- Significant change in assets (inheritance, sale, etc.)
- Moving to a different state
- Every 3-5 years as a general rule
Common Estate Planning Mistakes
- !Not having a will at all
- !Outdated beneficiary designations on retirement accounts
- !Not funding a revocable trust after creating it
- !Ignoring digital assets (accounts, passwords, crypto)
- !Assuming spouse automatically gets everything
- !Not planning for incapacity, only death
Educational purposes only. This content provides general estate planning education and is not legal advice. Estate planning laws vary by state. Consult a qualified estate planning attorney for advice specific to your situation.