One of the most common questions we hear is: “What’s the difference between a will and a trust—and do I really need both?”
Here’s a breakdown of what each does, how they compare, and how to decide what’s right for you.
What a Will Does
- Distributes your assets after death
- Names a tutor (guardian) for minor children
- Allows you to appoint an executor (personal representative)
- Must go through succession (Louisiana’s version of probate)
What a Trust Does
- Holds assets during your life and distributes them after death
- Can manage assets during incapacity—without court involvement
- Avoids succession if properly funded
- Offers greater privacy, control, and flexibility
Pros of a Will-Only Plan
- Simple to create
- Lower upfront cost
- May be sufficient for very small estates or individuals without real estate or dependents
Cons of a Will-Only Plan
- Requires a court process (succession)
- Public and often slow
- Doesn’t protect you in case of incapacity
Pros of a Revocable Living Trust
- Avoids succession for trust assets
- Provides for seamless asset management during incapacity
- Keeps your affairs private
- Allows for customized distribution (e.g., staggered gifts to children)
Cons of a Trust-Based Plan
- Requires more work to set up
- Must be funded properly (re-titling assets into the trust)
- Slightly higher upfront investment
Which One Do You Need?
Most Louisiana families benefit from having both:
- A trust for major assets like your home, investments, and business
- A will to cover any assets not in the trust and to name guardians for children
We’ll Help You Choose the Right Tools
At Oak Grove, we help you create the plan that fits your life—not just a generic template. Whether you need a simple will, a comprehensive trust, or a mix of both, we’ll guide you every step of the way.
