Drafting a will is simpler and less expensive, but creating a revocable living trust offers more privacy, limits the time and expense of probate, and can help protect in case of incapacity or legal challenges.

Revocable living trust vs. will: What's the difference?
Revocable living trust vs. will: Side-by-side comparison
Category | Revocable living trust | Will |
---|---|---|
Time and expense | Can be simple or complex, depending on the size of your estate. More complicated estates will require more attorney hours, which could add to the cost. | Simple to create and relatively easy to change. Probate is an added expense that should be considered. |
Flexibility | You can change or amend your trust at any time, but you may need an estate attorney's help. | You can update your will at any time, but it's advisable to keep track of the latest version to avoid potential will contests. |
Establishes guardianship | No. You'll need to pair your trust with a will that includes guardianship provisions. | Yes. If you have minor children, you must create a will to stipulate guardianship should both parents pass. |
Subject to probate | No. Assets within the trust do not have to go through probate. | Yes. Your executor will have to open probate in each state where assets are held. |
Implementation | Effective once it's established and assets are transferred. | Only upon your death. |