There are several useful comparisons between a Will and a revocable Trust:
- a Will becomes effective only at death, but a Trust becomes effective when signed and funded
- a Will must be approved by probate court to become effective after death; a Trust needs no such approval to be effective
- a Will does not require re-titling of assets during lifetime, but a Trust (to have effect) often requires re-titling of assets to the name of the Trust while the trustmaker is alive
- a Will controls only the assets in the testator’s name alone at death; a Trust controls only the assets titled in the name of the Trust–or later transferred over to the Trust
- a Will is potentially a public document because it must be filed with the probate court at death; in contrast, a Trust is a private document and can remain so unless there are lawsuits or disputes concerning the Trust
- a Will does not provide for asset management while the testator is alive but disabled; a Trust may provide for management of Trust assets while the trustmaker is disabled.
The following table compares features and functions of Wills vs. Trusts:
| WITH ONLY A WILL | WITH A TRUST | |
| At Incapacity: (unable to handle your own financial affairs.) | Court Control: Court appointee oversees your care, must keep detailed records, reports to court, and may need to post bond. Annual accounting for revenues and expenses filed with Court. | No Court Control: Your successor Trustee manages your financial affairs according to instructions in your Trust for as long as necessary. |
| At Death: | Probate: Your debts and taxes paid and remaining assets distributed by Personal Representative per instructions in your Will. | No Probate: Your debts and taxes paid and assets distributed by successor Trustee per instructions in your Trust. |
| Time: | At Death: Usually 4 to 9 months (longer for estate tax filing).At Incapacity: Court involved until recovery or death. | At Death: Usually a few months (longer for estate tax filing).At Incapacity: No significant delays. |
| Flexibility and Control: | Limited: Court processes, not your family, have limited control at incapacity and death. When you die, assets are distributed according to your Will. You can change your Will at any time. | Maximum: You can revoke/change your Trust at any time before death or incapacity. Assets stay under control of your Trust, even at incapacity or after your death. |
| Privacy: | None: Court proceedings are public records. | Maximum: Trusts are not public record unless dispute occurs. Your Trustee and family can take care of Trust’s finances privately. |