Planning for your family’s future begins with choosing the right estate planning tools. At Taylor, Minnette, Schneider & Clutter, we help clients understand the important differences between wills and trusts so they can make informed decisions that protect loved ones and reflect their wishes.
Both documents play an important role, but they serve different purposes. Understanding how each works can help you determine which option, or combination, is best for your family in 2026.
1. What a Will Provides
A will outlines how you want your assets distributed after you pass away. It also allows you to name a guardian for minor children and appoint an executor to manage your estate.
Wills are straightforward, cost-effective, and essential for nearly every family. However, wills must go through probate, a court-supervised process that can take several months or longer depending on the size and complexity of the estate.
2. Benefits of a Trust
A revocable living trust allows you to transfer assets into a trust during your lifetime. You still maintain control, and after your passing, the trustee distributes assets to your beneficiaries.
Trusts offer several advantages:
- They help avoid probate.
- They can provide greater privacy, since trust distributions are not public.
- They allow for detailed instructions, such as staggered distributions or protections for beneficiaries.
- They can simplify administration if you own property in multiple states.
Families with specific goals, such as protecting minor children, ensuring smooth asset transfers, or simplifying complex estates — often find trusts especially beneficial.
3. Choosing the Right Approach
Many families benefit from using both documents together. A trust can manage and distribute major assets, while a will can address guardianship, personal items, and any property not included in the trust.
At Taylor, Minnette, Schneider & Clutter, our attorneys help clients determine the most effective structure for their estate, ensuring plans are thorough, compliant with Indiana law, and tailored to their unique needs.
Start the year with clarity and confidence. Contact us today to discuss whether a will, a trust, or a combination of both is right for your family.