Estate planning isn’t just for the wealthy or elderly. It’s for anyone who wants to decide how their assets are managed and distributed. Two of the most common tools for doing that are wills and trusts. While both serve important roles, they work in very different ways—and understanding the difference can help you make informed decisions about your future.

How a Will Works

A will is a legal document that outlines your wishes for your assets and property after you pass away. It can also name guardians for minor children and an executor to manage your estate. You can change your will at any time during your life, as long as you’re mentally capable. When you die, your will goes through probate—a court-supervised process where your debts are settled and your remaining assets are distributed according to your instructions, after all debts have been paid.

While probate is common, it can take time—sometimes months or longer—and may involve court fees and public filings. That means your will becomes part of the public record, and your heirs may have to wait before they receive what you’ve left them. Wills are often the foundation of an estate plan, especially for those who are just starting to plan or have relatively simple wishes. But keep in mind, a will only takes effect after your death. It doesn’t help manage your assets or care for you if you become incapacitated. That’s where a trust comes in.

How a Trust Works

A trust is a legal arrangement that lets someone (called a trustee) hold and manage property for the benefit of someone else (the beneficiary). There are many types of trusts, but one of the most common is a revocable living trust. With a revocable living trust, you transfer assets into the trust during your lifetime and typically name yourself as trustee. That means you keep full control over your property while you’re alive. If you become incapacitated, a successor trustee can step in and manage things for you. And when you die, the trust distributes your assets according to your instructions without going through probate.

That’s one of the biggest advantages of a trust: avoiding probate. Assets held in a properly funded trust can be distributed quickly and privately. This can save time, reduce costs, and prevent family disputes. A trust also gives you more control over how and when your assets are distributed. For example, you can stagger distributions to children over time instead of giving them a lump sum. You can also provide ongoing support for a loved one with special needs or set up protections for beneficiaries with financial issues.

Unlike a will, a trust takes effect as soon as it’s signed and funded. It also lets you plan for incapacity, something a will can’t do. But trusts do require more effort up front. You’ll need to re-title your assets into the name of the trust, and there may be additional legal or administrative costs. Still, for many people, the benefits outweigh the complexity.

Which One Do You Need?

There’s no one-size-fits-all answer, but here’s a general way to think about it:

• If you want a simple, straightforward way to distribute your property after death, a will may be enough.
• If you want to avoid probate, maintain privacy, or plan for incapacity, a trust is the better option.

Many people choose to use both. A comprehensive estate plan often includes a will, a trust, powers of attorney, and health care directives. For example, even if you have a trust, you’ll still want a will—especially to name a guardian for minor children or to cover any assets you didn’t place in the trust.

Oklahoma law allows for both wills and trusts, and the right choice for you will depend on your family structure, financial situation, and personal goals. If you own property in multiple states, a trust can help you avoid probate in each location. If you’re concerned about protecting assets for children from a previous marriage, a trust may provide more flexibility. The key is to think beyond just distributing property. Your estate plan is your chance to make decisions that reflect your values and protect your loved ones when they need it most.

Start Your Plan With Confidence

Wills and trusts are powerful tools—but they’re only effective when they’re carefully drafted and properly implemented. At Titus Hillis Reynolds Love, we help Oklahomans create estate plans that make sense for their lives, not just the law. If you’re ready to start planning or want to revisit an existing plan, contact our team today. We’ll walk you through your options and help you build a plan that brings peace of mind now.