Will vs. Trust

What Is a Will?

A will is a legal document that designates assets for distribution to your beneficiaries after your death. With a will, you can select the recipients for any assets that are part of your estate.

Wills can be simpler and more direct than other estate planning options. Having a will can be a good idea if you’re married, have dependents or children, or own property.

What Is a Trust?

A trust allows for greater flexibility and control over the distribution of your assets. In a trust, you can stipulate how and when your beneficiaries will receive assets.

You can manage and distribute assets in a trust while you’re still alive, and trusts are often used to protect your assets. They also make it easier for your beneficiaries to assume control of assets upon your death.

Assets that are in a trust are not subject to probate. Avoiding the probate process can help your beneficiaries save time and money and keep your assets private. The probate process is listed in the public record; assets that do not go through probate won’t be listed publicly.

Trusts vs. Wills

Trusts and wills are both legal instruments that you can use to make sure that your assets are distributed according to your wishes.

A trust is an extra step you can take when distributing your assets. Having a trust can be a good idea if you have a large or complicated estate or need more control over the distribution of assets.

Having a will is important if you have any assets. It’s important to understand your state’s probate threshold. Assets over a certain value will trigger a longer probate period. Distributing assets in your will could help your loved ones avoid a long probate process. 

As of early 2025 In Mississippi, estates under $50,000 are typically exempt from the probate process.

Depending on the specific details of your estate and financial situation, you may need a will and a trust. Your will can be used to distribute any assets that aren’t in your trust.

Wills don’t apply to joint assets. Any jointly owned assets will automatically transfer to full ownership by the surviving co-owner.

Trusts have to be funded. When you sign your trust, your assets will be transferred into it and retitled into the name of the trust. Having the trust's own assets allows you to distribute them while you’re still alive.

Contact an Estate Planning Attorney Today

Wills and trusts are an important aspect of estate planning. They can help you prepare your estate for the future.

It’s important that you understand the difference between estate planning tools and what is the best fit for your situation. Depending on the size and complexity of your estate, you may have different estate planning needs.

Our estate planning attorneys can help you determine the best plan for your estate and your wishes. Schedule a consultation today to learn more about how we may be able to help you.