The Difference Between a Will and a Trust
Wills and trusts are estate planning tools that help people decide how property should be managed and distributed. A will directs what should happen after death and may need to go through probate. A trust can help manage assets during life and, in some cases, avoid or simplify probate after death.
Heban, Murphree & Lewandowski, LLC helps individuals and families in Toledo, Northwest Ohio, and throughout Ohio determine whether a will, a trust, or a combined estate plan is appropriate for their goals.
If you want to protect your family, preserve your property, and make your wishes clear, our attorneys can help you choose an estate planning approach that fits your life, assets, and long-term priorities.
Estate Planning That Fits Your Family, Property, and Goals
If you live in Toledo or Northwest Ohio and want to protect your family and property, our attorneys can help you determine whether a will, a trust, or both is best for your goals. At Heban, Murphree & Lewandowski, LLC, we guide clients through the process of crafting a will, establishing a trust, and understanding how each document affects their estate plan.
Understanding the distinctions and commonalities between these two legal instruments is important because they are often confused. A will and a trust can both help protect loved ones, but they work differently, serve different purposes, and may have different effects after death.
With over 100 years of combined experience, our attorneys explain these legal tools in an accessible, tailored way. Our commitment is to help you formulate the document, or combination of documents, that is most suitable for your needs.
Why Wills Are So Important for Families
A will, also known as a last will, is essential for safeguarding your family and assets. A will allows you to make important decisions about who receives your property, who handles your affairs, and who should care for minor children if needed.
A will enables you to:
- Nominate a guardian for your minor children
- Appoint a custodian for your minor children’s property
- Specify the distribution of your assets
- Designate an executor to handle your affairs
If you do not appoint an executor, the probate court can assign someone to execute your will. Our legal team in Toledo, Ohio, can assist in drafting a comprehensive will to reduce confusion, clarify your wishes, and minimize the risk of future disputes. To finalize your will, we help ensure that the required signing and witness formalities are properly addressed.
Understanding Trusts
A trust you create with our attorneys is called a living trust because you establish it while you are alive. A trust is an arrangement where you, the settlor, appoint a trustee to manage your assets for the benefit of your designated beneficiaries.
Understanding that each asset must be transferred to the trust individually is essential. Assets not included in the trust may still be controlled by your will or require separate treatment. A trust can save your loved ones time and money by bypassing or simplifying the probate court process in certain situations.
Unlike a will, which can become part of the public court record, a trust can offer a more private way to manage and transfer assets. For families who value privacy, continuity, and more detailed control over how property is used, a trust may be a useful estate planning tool.
Will vs. Trust in Ohio
A will and a trust can work together, but they are not the same document. The right choice depends on your family structure, assets, privacy concerns, minor children, real estate, and long-term planning goals.
When It Takes Effect
Will: Generally takes effect after death.
Trust: Can operate during life and after death.
Privacy
Will: May become part of the public court record.
Trust: Often allows more privacy.
Minor Children
Will: Can nominate a guardian.
Trust: Can help manage assets for children.
Asset Management
Will: Directs distribution after death.
Trust: Can provide ongoing instructions for management and distribution.
Funding Required
Will: No separate funding step in the same way.
Trust: Assets usually must be transferred into the trust.
Note: The right estate planning approach depends on your specific facts. This comparison is general information, not legal advice.
Choosing Between a Will and a Trust
Our accomplished attorneys are here to guide you through the intricacies of creating a will or establishing a trust. With Heban, Murphree & Lewandowski, LLC, you can begin the process of protecting your loved ones and hard-earned property with greater confidence.
We aim to provide you with a clear understanding of the nature of wills and trusts, enabling you to choose the option that best fits your legal requirements. Our team in Toledo, Ohio, is committed to offering peace of mind, knowing that your family and assets are better protected, come what may.
A Will May Be Helpful If…
- You want to name beneficiaries clearly.
- You have minor children and want to nominate a guardian.
- You want to name an executor.
- You need a straightforward estate planning document.
A Trust May Be Helpful If…
- You want more privacy.
- You own property that should be managed over time.
- You want more control over distributions.
- You want to plan for incapacity or continuity.
Need Probate Help Instead?
If a loved one has passed away and you need help administering an estate, resolving an inheritance dispute, or handling probate court issues, visit our Ohio probate lawyers page.
If the dispute involves a contested estate, fiduciary misconduct, executor misconduct, or beneficiary conflict, visit our Ohio estate litigation lawyer page.
Act Today for a Secure Future
Now is the time to secure your loved ones’ future and safeguard your property. Contact Heban, Murphree & Lewandowski, LLC to create a will or trust tailored to your needs. Give yourself the peace of mind you deserve by ensuring your loved ones and assets are protected no matter what the future holds.
Whether you need a simple will, a living trust, or guidance on how multiple estate planning tools can work together, our team can help you move forward with clarity.
Talk With an Ohio Estate Planning Attorney
A thoughtful estate plan can help protect your family, reduce confusion, preserve privacy, and make your wishes easier to follow. Heban, Murphree & Lewandowski, LLC can help you decide whether a will, trust, or combined plan is right for your circumstances.
You can also call us at 419.662.3100
Frequently Asked Questions
What is the difference between a will and a trust in Ohio?
A will directs how property should be distributed after death and may need to go through probate. A trust can manage assets during life and after death and may offer more privacy and continuity when properly created and funded.
Do I need both a will and a trust?
Some people benefit from having both. A trust can manage certain assets, while a will can address assets outside the trust, name an executor, and nominate a guardian for minor children.
Does a trust avoid probate in Ohio?
A properly created and funded trust may help certain assets avoid probate. However, assets that are not transferred into the trust may still need to be addressed separately.
Can a will name a guardian for minor children?
Yes. One important purpose of a will is to nominate a guardian for minor children and help direct how a parent wants certain responsibilities handled after death.
When should I update my will or trust?
You should consider reviewing your estate planning documents after major life changes, including marriage, divorce, birth of a child, death of a beneficiary, purchase of real estate, major financial changes, or a change in your wishes.