Wills vs Trusts: Which One Is Right for You?

September 12, 2025
Jana Lamanna
Jana Lamanna

Jana Davis Lamanna is experienced in the areas of probate/trust/estate litigation, divorce/family law, probate administration, estate planning, guardianship and conservatorship law, and assisted reproductive technology law.

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Estate planning is one of the most important steps you can take to protect your family and your legacy. But if you’re just starting out, you may find yourself asking: Should I have a will, a trust, or both?

The truth is, there’s no one-size-fits-all answer. Wills and trusts serve different purposes, and the right choice depends on your goals, your assets, and your family’s needs. Let’s walk through the key differences so you can feel confident about your estate plan.

What Is a Will?

A will is a legal document that explains how your property should be distributed after your death. It can also designate guardians for minor children and name an executor to handle your estate.

Key features of a will:

  • Covers property in your name only. Assets like real estate, vehicles, and personal belongings fall under your will.
  • Requires probate. Your will must go through Tennessee’s probate court before assets are distributed.
  • Names guardians. A will allows you to choose who will care for your children if you pass away before they’re adults.
  • Can be updated. Life changes happen-marriage, divorce, children-and your will can be revised accordingly.

Advantages of a will:

  • Straightforward to create.
  • Generally less expensive than a trust.
  • Provides clarity and peace of mind.

Limitations of a will:

  • Probate can be time-consuming and public.
  • Limited ability to plan for complex situations, such as long-term care or blended families.
Wills

What Is a Trust?

A trust is a legal arrangement where you (the grantor) transfer assets into the trust, managed by a trustee, for the benefit of your chosen beneficiaries.

Key features of a trust:

  • Avoids probate. Assets in a properly funded trust pass directly to beneficiaries without going through court.
  • Private process. Unlike probate, trust administration is not part of the public record.
  • Flexible control. You can specify when and how beneficiaries receive assets—for example, staggering distributions over time.
  • Can protect beneficiaries. Trusts can shield assets from creditors or protect loved ones who may not manage money well.

Advantages of a trust:

  • Faster and often smoother transfer of assets.
  • Greater privacy for your family.
  • Potential tax benefits and long-term protections.

Limitations of a trust:

  • Higher upfront cost to establish.
  • Requires careful maintenance and funding (placing assets into the trust).

Wills vs. Trusts: A Side-by-Side Comparison

FeatureWillTrust
Goes through probate?YesNo (if funded properly)
Covers all assets?Only those in your nameOnly those transferred into it
Cost to set up?Typically lowerHigher upfront cost
Privacy?Public recordPrivate
Flexibility?LimitedHighly flexible
Names guardians?YesNo (needs a will for this)

Do You Need Both?

In many cases, the best estate plans include both a will and a trust. For example:

  • Your will can name guardians for children and handle assets outside of the trust.
  • Your trust can ensure larger or more complex assets are managed smoothly and privately.

By combining the two, you create a plan that covers all bases—protecting your loved ones now and in the future.

Trusts

How TN Probate Lawyer Can Help

At TN Probate Lawyer, we know how overwhelming these decisions can feel. Attorney Jana Lamanna and our team have helped countless families in Shelby County navigate wills, trusts, and probate. We take the time to understand your unique goals and craft a plan that gives you peace of mind.

Whether you’re starting fresh or updating an old estate plan, we’ll walk you through your options so you can make the best choice for your family.

Frequently Asked Questions About Wills and Trusts

  1. Do I need a will if I already have a trust?
    Yes. Even if you have a trust, a will is important for naming guardians for minor children and covering any assets not placed into the trust. This is often called a “pour-over will,” which directs remaining assets into your trust after death.
  2. Which is more expensive: a will or a trust?
    A will is usually less expensive to draft initially, while a trust has higher upfront costs. However, trusts can save families money in the long run by avoiding probate and reducing delays.
  3. Can a trust help avoid probate in Tennessee?
    Yes. Assets properly transferred into a trust do not go through probate. This can save time, maintain privacy, and reduce the administrative burden for your family.
  4. Is a will enough for simple estates?
    For smaller estates or families with straightforward situations, a will may be sufficient. But if you own real estate, have blended families, or want privacy, a trust may be a better choice.
  5. 5. How often should I update my will or trust?
    You should review your estate plan every few years or after major life events such as marriage, divorce, birth of a child, or a significant change in assets.

Final Thoughts

Choosing between a will and a trust isn’t just about legal documents—it’s about protecting your loved ones and preserving your legacy. A well-planned estate can prevent family disputes, reduce stress, and ensure your wishes are honored.

If you’re ready to take the next step in your estate planning journey, contact TN Probate Lawyer today. We’re here to guide you with experience, compassion, and clarity.

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Black McLaren Jones Ryland & Griffee, P.C.

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