DAL Law Firm: What is the difference between a Will and a Trust?
When it comes to planning for the future, you may be considering whether you should have a Will or a Trust. The answer depends on your goals, your assets, and your personal situation. Let’s break it down.
What Is a Will?
A Will is a legal document that says what should happen to your belongings after you pass away. It lets you name:
- Who will receive your money, home, and other items
- A person you trust to carry out your wishes (called a personal representative)
- A guardian for your children, if they are still minors
Wills only take effect after death, and generally speaking, a will must go through a court process called probate. Probate is a court process for a judge to oversee the administration of an estate pursuant to the terms of a Will.
What Is a Trust?
A Trust (also referred to as a Revocable Living Trust) is a legal document that not only provides for what will happen to your assets after you pass, but allows for your successor Trustee to distribute your assets according to the terms of your Trust without requiring probate.
Trusts can:
- Avoid probate (especially if you own out of state real property)
- Offer more privacy, since they are not made public like wills
- Keeps your estate and heirs out of court
Here’s a recent video from our attorney Darcel Lobo on Wills and Trusts, to help you decide what is better for you:
If you currently have a will and are trying to decide if a Trust is a better option for you, here are the two primary reasons we see clients switching to a Trust:
1. You Own Real Estate in More Than One State
If you own real estate outside of Washington State, a Will means your estate may be subject to multiple probates—one in each state. A Revocable Trust avoids this by allowing those properties to transfer directly through the trust, no matter where they are located, without the need for probate.
2. You Don’t Want Your Estate To Go Through Probate
Even though probate in Washington isn’t as complex as in other states, it’s still a court process which is a public record (anyone can see your assets, debts, and how much your heirs received), an added legal expense for your estate. A Revocable Trust allows your estate to avoid probate entirely.
At DAL Law Firm, we are here to answer your questions. If you’re not sure where to start, we are happy to help – visit us online at www.dallawfirm.com.
You can also learn more about our services by visiting our YouTube channel at https://www.youtube.com/@dallawfirm.
Contact us:
19803 1st Avenue S.
Suite 200
Normandy Park, WA 98148T (206) 408-8158
F (206) 374-2810
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