Do You Really Need a Trust? When a Will May Be Enough for Your Estate Plan

Many people who contact our office about estate planning believe they need a revocable living trust. This is no surprise—there’s an entire industry online that suggests a trust is essential for everyone.

However, in our experience, many clients find that a basic will-based estate plan can accomplish their goals, avoid probate, and cost significantly less than a trust. Below are some of the main factors we evaluate when determining whether a trust is necessary.

1. Simple Estate

If your estate is straightforward—with minimal assets, uncomplicated family dynamics, and little chance of disputes—a last will and testament may be sufficient. Wills are generally simpler and less expensive to set up and manage compared to trusts.

2. Limited Assets

Trusts are most helpful when clients have substantial assets or complex financial arrangements. If your property can be transferred easily through beneficiary designations or transfer-on-death (TOD) deeds, you may not need a trust.

3. Privacy Concerns

Trusts do provide privacy since they are not public record, unlike wills that go through probate. If confidentiality of your estate plan is not a major concern, a will may meet your needs without the added complexity of a trust.

4. Probate Avoidance

One of the main reasons people choose a trust is to avoid probate, the court process of administering an estate. But a trust is not the only way to achieve this. Strategies such as TOD deeds, joint ownership, and beneficiary designations can often avoid probate just as effectively.
👉 Read our blog on probate avoidance options here.

5. Cost Considerations

Creating and maintaining a trust involves legal fees and ongoing administrative responsibilities. For smaller or less complex estates, these costs may outweigh the benefits compared to a simple will.

6. Management Preferences

Trusts require active management to ensure assets are properly titled and administered. If you prefer a more straightforward approach with less ongoing oversight, a will may be a better option.

7. Tax Misconceptions

A common misconception is that a trust automatically reduces estate taxes. In reality, unless your estate exceeds the current federal estate and gift tax exclusion (over $15 million per person or $30 million per couple beginning January 1, 2026), a trust may not provide additional tax savings. Additionally, tax benefits like the stepped-up basis on inherited property apply to transfers made through wills, beneficiary designations, and trusts alike.

Conclusion: Do You Need a Trust or a Will?

While trusts can be valuable estate planning tools, they are not necessary for everyone. Your decision should be based on your financial situation, family dynamics, and estate planning goals.

At Minter & Pollak, LC, we provide free estate planning consultations in Wichita to help families determine whether a will, a trust, or a combination of planning tools is right for their needs.

👉  Call our office today at 316-265-0797 or click here to schedule a free consultation to discuss if a trust is right for you and your family.

Photo by Javier Allegue Barros on Unsplash.