Will vs. Trust in Michigan: What Is the Difference?

A will and a revocable living trust can both be important estate-planning tools, but they do different jobs. A will generally directs probate assets at death and can nominate a personal representative and guardians for minor children.

A revocable living trust can hold assets during life and provide instructions for management during incapacity and distribution after death. Properly funded trust assets generally do not pass through probate solely because of the owner’s death.

The right structure depends on assets, family circumstances, privacy concerns, real estate, beneficiary needs and the amount of administration the client wants to do during life. Many plans use both a trust and a pour-over will.