Do I Need a Will or a Trust? Understanding Your Estate Planning Options in North Carolina

When it comes to planning for the future, one of the most common questions people ask is: “Should I have a will or a trust?” Both serve as essential estate planning tools, but they work in different ways and offer different benefits. At NC Wills & Trusts, our goal is to help families in Raleigh and across North Carolina create a plan that protects their assets, reduces stress for loved ones, and ensures their wishes are carried out.

What Is a Will?

A last will and testament is a legal document that outlines how you want your property and assets to be distributed after your passing.

It also allows you to:

• Name an executor to manage your estate
• Appoint guardians for minor children
• Provide instructions for personal items and property

However, wills must go through probate court, which can be time-consuming and costly for your loved ones.

What Is a Trust?

A living trust is a legal arrangement that allows you to transfer your assets into a trust during your lifetime. The trust then holds and manages these assets on behalf of your chosen beneficiaries.

Benefits of a trust include:

• Avoiding probate court
• Maintaining privacy (unlike wills, which are public record)
• Potentially reducing estate taxes
• Allowing you to set conditions for how and when your heirs receive their inheritance

Do I Need Both a Will and a Trust?

In many cases, having both is the best solution. A trust can manage and distribute major assets, while a will ensures any property not included in the trust is still passed on according to your wishes. Additionally, a will is the only way to appoint guardians for minor children.

Which Option Is Right for Me?

The decision between a will, a trust, or both depends on your unique situation. If your estate is relatively simple, a will may be sufficient. However, if you want to avoid probate, protect privacy, or manage how your assets are distributed over time, a trust may be the better choice.

Speak with a Raleigh Estate Planning Attorney

Every family’s needs are different, and making the right choice requires experienced legal guidance. At NC Wills & Trusts, our Raleigh estate planning attorneys take the time to understand your goals and create a personalized plan that fits your life.