When Nicole and I first started estate planning more than a decade ago, we created a simple will.

At the time, it was exactly what our family needed.

As the years went on, though, our financial life changed. We paid off our house, our investments grew, we became business owners, and our net worth eventually approached $2 million.

That's when I realized our estate plan needed to evolve, too.

One of the most common estate planning questions I hear from coaching clients is:

“Do I need a will or a trust?”

My answer is almost always the same:

You almost certainly need a will. Whether you need a trust depends on your family's financial situation.

After helping hundreds of families with their finances and recently going through the trust creation process with my own family, I've come to believe that estate planning isn't a one-time decision.

Your estate plan should evolve as your family and wealth grow.

In this guide, I'll share the framework I use to help families decide when a will is enough and when it might be time to consider a trust.

My Quick Answer

If you're short on time, here's my general rule of thumb:

✅ Almost every adult should have a will.

✅ If you're married or have children, creating a will should be a priority.

✅ As your assets grow beyond roughly $500,000 and your financial life becomes more complex, it's worth exploring a trust.

✅ If your estate becomes especially complex, working with an experienced estate planning attorney may be the right choice.

Most importantly: Your estate plan should evolve as your family and wealth grow.

My Estate Planning Rule of Thumb

If this describes you…	I'd generally recommend…
Single adult	Will
Married	Will
Married with children	Will immediately
Homeowner with growing investments	Consider a trust
~$500k+ net worth with increasing complexity	Trust + Will
Complex estate or unique legal circumstances	Estate planning attorney

Everyone Needs a Will

If there's one thing I hope you take away from this article, it's this:

Almost every adult should have a will.

A lot of people assume wills are only for retirees or wealthy families.

I don't see it that way.

A will is simply a way to communicate your wishes if you're no longer here to make those decisions yourself.

If you're married, have children, own a home, have pets, or have accumulated any meaningful assets, a will helps ensure the people you care about understand what you want to happen.

For parents, one of the most important parts of a will is naming a guardian for your children.

Without a will, those decisions may ultimately be left to the courts based on your state's laws rather than your personal wishes.

A will can also outline how you want your assets distributed, identify the person responsible for carrying out your wishes (your executor), and include instructions for final arrangements.

When Nicole and I became parents, creating a will was one of the first estate planning steps we took.

At that stage of our lives, it was exactly what our family needed.

As our assets grew and our financial situation became more complicated, we eventually decided to add a trust. But that doesn't mean our will became unnecessary.

In fact, we still have one today.

For me, it isn't a question of will or trust.

It's will first, then consider a trust as your family and finances evolve.

When a Trust Starts to Make Sense

One of the biggest misconceptions I hear is that trusts are only for wealthy families.

I don't believe that's true.

I also don't believe every family needs one.

For me, a trust starts to make sense when two things begin to happen at the same time:

• Your assets have grown to roughly $500,000 or more.
• Your financial life is becoming more complex.

That complexity might include owning a home, building sizable retirement and investment accounts, starting a business, or simply accumulating enough assets that you want to make the transfer of those assets as smooth as possible for your family.

That's exactly what happened to Nicole and me.

When we first created our will, our financial situation was relatively straightforward. As the years passed, we paid off our home, continued investing, became business owners, and watched our net worth grow.

At some point, I realized our estate plan hadn't kept pace with the rest of our financial life.

That's when we decided it was time to create a trust.

One of the biggest advantages of a trust is that it can help your family avoid probate and provide clearer instructions for managing and distributing your assets after you're gone. More than anything, though, creating our trust gave me peace of mind.

It helped me feel confident that the financial life Nicole and I had spent years building would be organized and easier for our family to navigate if something ever happened to us.

We chose to create our trust with Trust & Will because it offered the right balance between doing everything ourselves and hiring an estate planning attorney. If you're considering creating a trust for your family, I share our complete experience, including what surprised us, what it cost, and who I think it's best for, in my Trust & Will review.

Will vs. Trust: What's the Difference?

A will and a trust are both estate planning tools, but they serve different purposes.

I don't think of them as competing options.

I think of them as tools that become appropriate at different stages of your family's financial journey.

Here's the simplest way I explain it to coaching clients:

Feature	Will	Trust
Names guardians for your children	✅	✅
Distributes your assets	✅	✅
Helps avoid probate	❌	✅
Can manage how and when assets are distributed	Limited	✅
Cost	Lower	Higher
Best for	Nearly every adult	Families with growing wealth and increasing complexity

The biggest difference, in my opinion, is that a trust gives your family a more organized way to manage and transfer assets after you're gone.

That's why I often recommend starting with a will and then considering a trust as your family's wealth and responsibilities grow.

For many families, it's not an either-or decision.

It's a progression.

You create a will first.

Then, as your financial life evolves, you decide whether adding a trust makes sense.

How My Thinking Changed as Our Net Worth Grew

When Nicole and I first became parents, creating a will was one of the smartest financial decisions we could make.

At that point, our financial life was relatively simple.

We had young kids, a mortgage, some retirement savings, and a growing list of responsibilities. A will gave us confidence that our children would be cared for and that our wishes would be documented if something unexpected happened.

As the years passed, though, our financial picture began to change.

We paid off our home.

Our retirement and brokerage accounts continued to grow.

We started businesses.

Eventually, our net worth approached $2 million.

At that point, I realized something important.

Our estate plan hadn't grown along with the rest of our financial life.

The more wealth we accumulated, the more responsibility I felt to organize it well.

I didn't want Nicole or our kids trying to sort through years of financial decisions during one of the hardest moments of their lives.

That's what finally motivated us to create a trust using Trust & Will. (Read my full Trust & Will review to learn about our experience.)

It wasn't because we had reached some magical net worth milestone.

It was because our financial life had become more complex, and I wanted our estate plan to reflect that.

As a financial coach, that's the framework I encourage families to use.

Don't think about estate planning as a one-time task.

Think of it as something that should evolve as your family, your wealth, and your responsibilities grow.

That's exactly what happened for our family, and looking back, I only wish we had updated our estate plan sooner.

When I Recommend Working With an Estate Planning Attorney

One thing I want to be clear about is that I'm a financial coach, not an estate planning attorney.

The recommendations in this article are based on my family's experience and years of helping families think through their financial lives.

If your situation is relatively straightforward, an online estate planning service may be all you need to create a will or trust.

But there are situations where I'd skip the DIY route and work directly with an experienced estate planning attorney.

That includes families with:

• Blended families from previous marriages
• Very high net worth and complex estates
• Businesses or real estate in multiple states
• Unique family situations that require customized legal guidance

In those cases, paying more for personalized legal advice is often money well spent.

For everyone else, I think the goal is simply to stop procrastinating.

Don't let the perfect become the enemy of good.

A will today is better than waiting years because you're unsure whether you eventually need a trust.

As your family and financial life evolve, you can always update your estate plan along the way.

A professional organization such as the American College of Trust and Estate Counsel can also help you learn more about finding a qualified estate planning attorney.

Frequently Asked Questions About Wills and Trusts

Can I have both a will and a trust?

Absolutely. In fact, that's what Nicole and I have today.

When we first started estate planning, we only had a will because it matched our financial situation at the time. As our assets grew and our financial life became more complex, we added a revocable living trust while still keeping our will.

For many families, it's not a choice between a will or a trust. It's a matter of deciding when adding a trust makes sense.

Is a trust only for wealthy families?

No.

I generally recommend that families begin exploring a trust once they've built around $500,000 in assets and their financial lives become more complex.

That's not a hard rule.

Some families with more assets may still have a very straightforward estate, while others may benefit from a trust sooner because of their unique circumstances.

For me, complexity matters just as much as net worth.

When should I update my estate plan?

I recommend reviewing your estate plan whenever you experience a major life event, such as:

• Getting married or divorced
• Having or adopting a child
• Buying a home
• Starting a business
• Receiving a significant inheritance
• Experiencing a major increase in wealth

Even if nothing major changes, it's a good idea to review your estate plan every few years to make sure it still reflects your wishes.

Should I use an online estate planning service or hire an attorney?

That depends on your situation.

If your family has a relatively straightforward estate, an online service like Trust & Will can be an affordable and convenient option. That's the route Nicole and I chose when we created our trust.

If you have a blended family, own businesses or property in multiple states, or have a particularly complex estate, I'd strongly consider working directly with an experienced estate planning attorney.

Ready to Create Your Estate Plan?

If you've decided your family is ready to create a will or explore a trust, I recommend taking a look at Trust & Will. It's the service Nicole and I used to create our family's trust, and I was impressed with how it balanced affordability, guidance, and convenience.

My Final Thoughts

When Nicole and I first created our will, it was exactly what our family needed.

Years later, after our home was paid off, our investments had grown, and we became business owners, creating a trust became the right next step.

That's why I don't think the question is whether a will is better than a trust.

The better question is:

What does your family need today?

If you haven't created a will yet, start there.

If your assets and responsibilities have grown over the years, it may be time to explore whether adding a trust makes sense for your family.

The goal isn't to have the most complicated estate plan.

The goal is to make life easier for the people you love if you're no longer here.

Your family doesn't need a perfect estate plan. They just need one.