Will vs. Trust: What's the Difference?

We break down the differences between wills and trusts.

By Lyle Daly – Updated May 2, 2025 at 8:54 PM

Key Points

Trusts avoid the probate process, offering quicker beneficiary access, unlike wills, which often require probate.
Wills designate guardians for minors; trusts manage minor beneficiaries' assets directly.
Trusts offer privacy by not becoming public records, maintaining confidentiality compared to wills.

Wills and trusts can work together or independently to communicate how you'd like your estate settled after you're gone. Whether you need a will, a trust, or both often depends on the complexity of your estate, whether you have minor children, and how quickly you'd like your heirs to receive their inheritance.

Read on for a closer look at wills and trusts, including the different types that are available.

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An infographic explaining the similarities and differences between trusts versus wills. — Image source: The Motley Fool.

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	Will	Trust
Defines beneficiaries?	Yes	Yes
Names executor?	Yes	No
Designates guardian for minor children?	Yes	No
Handling of minor children as beneficiaries?	The court appoints a conservator to manage the assets until the beneficiaries reach legal age.	The assets remain in the trust until the beneficiaries reach legal age.
Keeps your information out of public record?	No	Yes
Requires probate?	Usually; small estates may use a streamlined probate process.	No
Protection against conservatorship?	No	Yes
Attorney needed?	Simple wills can be prepared without an attorney.	An attorney is required.

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Senior laughs with adult and small child on couch at home. — Image source: Getty Images.

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Conservatorship

A legal arrangement where a guardian is appointed to manage the affairs of an incapacitated person or their estate.

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About the Author

Lyle Daly is a contributing Motley Fool stock market analyst covering information technology and cryptocurrency. Lyle has been a contributor at the financial services company since 2018. His work has been featured on USA Today, Yahoo Finance, MSN, Fox Business, and Nasdaq. Before joining The Motley Fool, he wrote for financial brands including Intuit.

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