Will vs. Trust: Which Estate Plan Is Right for You?

Nicole McGann

Aug 03 2026 12:00

A will and a revocable living trust can both direct how your property passes at death, but they work differently. A will generally goes through probate, while a properly funded revocable living trust can help assets pass outside probate. The right plan depends on your family, assets, privacy preferences, and the level of support you want to provide for the people you love.

For many Colorado families, the best estate plan is not an either-or decision. A will and trust often work together with powers of attorney, beneficiary designations, and other documents to create a plan that fits real life.

What a Will Does

A will is a written legal document that states who should receive property in your name after your death. It can name a personal representative to handle your estate, identify beneficiaries, and provide instructions for distributing specific property or dividing the remainder of your estate.

A will is also especially important for parents of minor children. It can nominate a guardian for your children if both parents are unable to care for them. A revocable living trust does not replace this important function of a will.

In Colorado, assets governed by a will generally pass through the probate process. Probate is the court-supervised process for appointing a personal representative, addressing valid debts and expenses, and transferring estate property. Probate is not always as burdensome as people expect, but it can involve time, paperwork, court filings, and public records.

What a Revocable Living Trust Does

A revocable living trust is a legal arrangement that you create during your lifetime. Typically, you serve as the initial trustee and continue to manage your assets as you always have. You name a successor trustee to step in if you become incapacitated or after your death.

Unlike a will, a trust can operate during your lifetime. It can set out who should manage trust assets if you are unable to do so and how those assets should be used for you and your beneficiaries. Because a revocable trust can generally be amended or revoked while you are alive and have capacity, it is flexible enough to adapt as your circumstances change.

After your death, the successor trustee follows the instructions in the trust. When assets have been properly transferred into the trust, they can often be administered and distributed without a probate proceeding for those assets.

The Probate Difference: Why Funding Matters

The most commonly discussed difference between a will and trust is probate. A will directs probate assets; it does not itself avoid probate. A trust may help avoid probate for assets that are titled in the name of the trust or otherwise payable to the trust.

That distinction is critical. Signing a trust document alone is not enough. Real estate, financial accounts, and other appropriate assets may need to be retitled or coordinated with the trust. If an asset remains in your individual name with no beneficiary designation, it may still require probate.

Beneficiary designations also matter. Retirement accounts, life insurance, and payable-on-death accounts usually pass according to their beneficiary designations, not under a will. At McGann Law Group, we help clients look at the full picture so that their documents, account ownership, and beneficiary designations work together rather than conflict.

Privacy, Administration, and Control

Probate filings are generally public, which means that a will filed with the court may be available for others to review. Trust administration is usually more private because the trust document is not ordinarily filed with the court simply to distribute trust-owned assets.

A trust can also offer detailed instructions that may be useful when beneficiaries need structure. For example, a trust may allow a trustee to distribute funds over time, pay directly for education or health needs, or hold assets until a beneficiary reaches an age you choose. This can be valuable for young adults, beneficiaries with special needs, or families concerned about inheritance being received all at once.

However, more control also means more planning. A successor trustee has important responsibilities, and a trust should be drafted in a way that gives clear, practical guidance.

When a Will May Be the Right Starting Point

A will may be an appropriate option for someone with a straightforward estate, limited assets, or a simple plan for leaving property to a spouse, children, family members, or charities. It is often less complex to establish than a trust, and it allows you to choose who should receive your probate assets rather than relying on Colorado intestacy laws.

Even when a will is the primary planning document, it should be coordinated with powers of attorney and a living will or other advance-directive documents. Those documents address decision-making during your lifetime, while a will governs property distribution after death.

When a Trust May Be Worth Considering

A revocable living trust may be worth considering if you own real estate, have a blended family, want to reduce the need for probate administration, value additional privacy, or want a plan for asset management during incapacity. It may also be helpful when you want to provide distributions to beneficiaries over time instead of making an outright gift immediately.

Trusts are not only for people with very large estates. The question is whether the additional planning and funding steps provide meaningful benefits for your particular goals. A trust is also not automatic creditor protection for the person who creates a revocable trust; asset-protection questions require careful, individualized legal advice.

Why Many Estate Plans Include Both

Many clients use both a revocable living trust and a will. In that arrangement, the will often serves as a backup for assets that were not transferred to the trust and can nominate guardians for minor children. The trust provides instructions for assets held in the trust, while the will addresses the remaining probate estate.

This coordinated approach can help close gaps, but it still requires periodic review. Marriage, divorce, a new child or grandchild, a move, changes in assets, and the death or incapacity of a named fiduciary can all be reasons to update your estate planning documents.

FAQ

Do I need a will if I have a trust?

Usually, yes. A will can serve as a backup for property that was not transferred to the trust and can nominate guardians for minor children. Your attorney can explain how the documents should work together in your plan.

Does a trust avoid all probate?

Not necessarily. A trust can avoid probate for assets that are properly owned by the trust or coordinated with it. Assets left outside the trust may still require probate depending on how they are titled and whether they have beneficiary designations.

Can I change a revocable living trust?

In most cases, yes. A revocable living trust is designed to be amended or revoked during your lifetime, provided you have the legal capacity to make those changes and the document does not state otherwise.

What happens if I die without a will or trust?

Colorado law determines who inherits probate assets when there is no valid estate plan. Those default rules may not reflect your wishes, particularly in blended families or when you want to provide for friends, charities, or specific family members.

How often should I review my estate plan?

Review your plan after major life or financial changes and periodically even when nothing dramatic has happened. McGann Law Group helps clients in Longmont, Boulder, Mead, Firestone, and throughout Boulder, Weld, and Larimer counties review wills, trusts, powers of attorney, and probate-related planning concerns.