Estate Planning
PDX Law Group helps Oregon families with estate planning and probate.
Will vs. trust: which one do you need?
This is the most common question in estate planning. The honest answer is: it depends on your situation. Here’s what each one does, and how to think through which makes sense for you.
What a will does
A will is a legal document that says what you want to happen to your assets after you die, and who should be in charge of making it happen (your personal representative, also called an executor).
A will also lets you name a guardian for minor children — something a trust cannot do.
What a will does not do: avoid probate. A will still has to go through the Oregon probate process before assets transfer. Probate is public, takes time, and has costs.
What a revocable living trust does
A revocable living trust holds your assets during your lifetime and transfers them to your beneficiaries after you die — without going through probate.
Because probate is avoided, the transfer is:
- Private (no public court filing)
- Faster (weeks rather than months)
- Often less expensive for your family
A trust also lets you plan for incapacity. If you become unable to manage your affairs, a successor trustee can step in without a court proceeding.
Which is right for you?
A will is usually sufficient if:
- Your estate is simple and small
- You don’t own real property in multiple states
- Privacy and probate avoidance aren’t priorities
- You’re younger and building a plan that will evolve
A revocable living trust often makes more sense if:
- You own real property in Oregon (or in multiple states)
- You want to avoid probate for privacy or efficiency reasons
- You want a clear plan for incapacity, not just death
- You have a blended family, minor children, or complicated beneficiary dynamics
What about the other documents?
Whether you have a will or a trust, a complete estate plan also includes:
- Durable power of attorney (who manages finances if you’re incapacitated)
- Healthcare power of attorney / advance directive (who makes medical decisions and what you want)
- Beneficiary designations reviewed and coordinated with the rest of the plan
A will or trust alone isn’t a full plan. These documents work together.
Not sure which direction to go?
A free consult with David Richardson can help you sort through what makes sense for your specific family and assets.