One of the first questions we hear from families in San Juan County is simple: “Do I need a will or a trust?” Both documents let you decide who receives your property when you pass away. The difference is in how that property gets to your loved ones.
How a Will Works
A will is a set of instructions that takes effect at your death. It names a personal representative (often called an executor), says who inherits your property, and lets parents nominate a guardian for minor children. In most cases, a will must go through probate, which is the court process for proving the will is valid, paying debts, and transferring property.
How a Revocable Living Trust Works
A revocable living trust is created during your lifetime. You transfer your property, such as your home, land, and accounts, into the trust, and you usually serve as your own trustee. You keep full control and can change or cancel the trust at any time. When you pass away, the successor trustee you chose distributes the trust property according to your instructions, usually without a probate case.
Key Differences
- Probate: Property held in a properly funded trust generally avoids probate. Property passing under a will usually does not.
- Privacy: A will admitted to probate becomes part of the court record. A trust generally stays private.
- Incapacity: A trust lets your successor trustee manage trust property if you become unable to. A will only takes effect at death.
- Cost and effort up front: A will is simpler to prepare. A trust takes more work at the beginning, including retitling property into the trust.
Which Is Right for You?
A trust often makes sense if you own real estate, own property in more than one state, want to keep your affairs private, or want to provide for children or grandchildren over time. A will may be enough for someone with a modest estate whose accounts already pass by beneficiary designation. Many families use both: a revocable trust for most of their property, plus a short “pour-over” will that catches anything left outside the trust.
The right answer depends on your family, your property, and your goals. A short conversation is usually enough to point you in the right direction.
Talk With Ryan
If you have questions about whether a will or a revocable living trust fits your family, call 505-333-4494 or visit our Contact page to schedule a consultation. T. Ryan Lane, P.C. serves clients in Aztec, Farmington, Bloomfield, and throughout San Juan County from our office at 103 S. Main Ave. in Aztec.
This article is general information, not legal advice, and reading it does not create an attorney-client relationship. Laws change, and every situation is different, so please talk with an attorney about your specific circumstances.