Why Some People Wish They’d Picked a Will Over a Trust

When it comes to planning what happens to your assets after you’re gone, you’ve got options. The two biggest are setting up a trust or writing a will. A trust is like a special box you put your money and property in, with rules about who gets it and when. A will is simpler—just a list of who gets what after you pass. Lots of people choose trusts because they like the fact that a trust can help them avoid probate and keep their estate private. Sometimes, however, people regret it. Here’s why.

1. Trusts Can Cost More Up Front

Setting up a trust isn’t cheap. Lawyers often charge twice as much as a will for setting up a trust.

2. Some People Feel Like They’re a Hassle to Manage

With a trust, you have to move your stuff—like your house or bank accounts—into it. This process is called funding the trust. This can mean paperwork, phone calls, and visits to the bank, the county clerk, or the DMV. If you forget to add something, it won’t be part of the trust, and your plan might not work the way you intended. Furthermore, every time you buy something new you have to take into account whether it needs to be funded to the trust.

3. Trusts Don’t Always Avoid Court

A big reason people pick trusts is to skip probate—the court process that sorts out your stuff after you die. Probate can be slow and public, so avoiding it sounds great. But if something goes wrong with the trust—like a fight over who’s in charge or a failure to fully fund the trust—it can still end up in court.

4. It Feels Too Rigid

While your typical revocable trust can be changed anytime. At least some parts of a husband-and-wife trust locks into place when one of them dies or becomes incapacitated. Once a trust or part of it becomes irrevocable, changing it can be tough or costly. Folks sometimes think, “I wish I’d kept it simple and flexible.”

5. Confusion

Trusts can be confusing, and if you don’t understand exactly what you trust does, having one may add to your anxiety. And all this while estate planning is supposed to bring peace of mind.

So, What’s the Deal?

Trusts can be awesome for some—like those who value privacy and wish to avoid probate—or those who want a higher degree of control over their assets after they pass. But for others, they can seem like they’re more trouble than they’re worth. A will might not sound as cool, but sometimes it’s the easier road. Think hard about what you need before you choose—your future self (and your family) may thank you!