Understanding the difference between a will and a trust can help you make the best choice for your assets, your family, and your peace of mind. When it comes to planning for the future, many people ask: “Should I have a will, a trust, or both?” While both documents are important estate planning tools, they serve different purposes and offer different benefits, especially here in Oklahoma.
What Is a Will?
A will (also called a last will and testament) is a legal document that:
- Specifies who should receive your property after you die
- Names a personal representative (executor) to handle your estate
- Allows you to name guardians for minor children
- Can express your final wishes for things like burial or funeral plans
In Oklahoma, a will must be filed with the probate court after your death and go through a court-supervised process known as probate. During probate, the court oversees the distribution of your assets, ensures payment of debts and taxes, and resolves any disputes.
What Is a Trust?
A trust is a legal entity that holds property for the benefit of someone else. The most common type is a revocable living trust, which:
- Lets you transfer ownership of your assets during your lifetime
- Allows you to serve as your own trustee while you’re alive
- Names a successor trustee to manage or distribute assets if you die or become incapacitated
- Distributes property without going through probate
Unlike a will, a trust takes effect immediately and can manage your assets during your lifetime and after your death.
Do You Need Both?
In many cases, the best estate plan includes both a will and a trust. Your trust can handle major assets like your home, bank accounts, and investments, avoiding probate. Your will can act as a backup to catch any property not placed in your trust – this is often referred to as a “pour-over will.” Additionally, if you have minor children, your will can name a guardian, which a trust cannot do.
Creek County Estate Planning Attorneys
Whether you need a simple will or a comprehensive trust, we can help you create a plan that fits your life, protects your loved ones, and meets your goals. Creek County Attorneys has years of experience and can help you through the process. Call us at 918-209-3709 for a free and confidential consultation or ask a legal question here.
