Wills vs. Trusts: What Families Need to Know About Estate Planning

 Posted on June 03, 2025 in Estate Planning

Nearly everyone has heard the terms "will" and "trust," but not everyone knows what these two important estate planning documents can do for them. In this blog, we will discuss the real difference between wills and trusts. For further help evaluating whether a will, a trust, or both working together would be best for you and your family, contact our Plainfield, IL estate planning attorney. 

What is a Will?

A Last Will and Testament (also just called a "will") serves two primary purposes. First, your will outlines who inherits your property when you pass away, ensuring your assets are distributed according to your wishes. Second, your will allows you to name a guardian for your minor children. A guardian is an individual or couple you trust to care for your children and manage their inheritance if you pass away. These two functions form the foundation of what a will is designed to accomplish.

Is Having a Will Enough for My Estate Plan? 

While a Last Will and Testament can express your wishes, it comes with significant limitations and challenges, especially here in Illinois. Relying on a will for your estate plan has the following drawbacks:

• A will must go through probate court, which generally takes a minimum of six to 18 months to complete. Probate can take even longer if there are disputes or delays.

• A will is not effective until it is formally admitted in probate court. This means there is no automatic transfer of assets upon death. Court involvement is required to carry out your wishes.

• Probate is a public legal process. Once filed, your will becomes part of the public record. Anyone, including predators, creditors, or estranged relatives can review the contents of your estate plan. The public nature of [probate court encourages disgruntled heirs to contest the validity of the will when they are unsatisfied with the results.

• In most cases, probate requires hiring an attorney. This adds legal fees, paperwork, and delays for your loved ones. Unless you are the only heir and the estate is very simple, court representation is typically necessary to navigate the probate process.

These drawbacks are why many families in Illinois turn to revocable living trusts to solve issues like guardianship or incapacity instead of relying solely on a will. Wills are better than having no plan at all, but they do not avoid probate or offer privacy. Trusts offer privacy, speed, and reduced court involvement, making them a better fit for families looking to protect their legacy with less hassle.

What Is a Trust?

A living trust is a private legal arrangement that holds and manages your assets not only after your death but during your lifetime as well. It is called a "living" trust because it is created and becomes effective while you are still alive, unlike a will, which only takes effect after death. 

One of a trust’s most valuable features is the ability to plan for incapacity. If you become ill, injured, or otherwise unable to handle your own affairs, the person or entity you have named as successor trustee can immediately step in to manage your financial and legal matters without the need for court involvement or guardianship proceedings.

There are several different types of trusts, including family trusts and special needs trusts. If set up properly, a trust avoids probate altogether. The benefits of a trust for families include the following:

• Avoiding probate court: Your family can inherit assets without court involvement.

• Maintaining privacy: Trusts are not public like wills.

• Managing incapacity: If you become ill or disabled, your trustee can manage your affairs without needing guardianship.

• Faster distribution: Assets can be distributed within weeks, not months or years.

Trusts Protect Beneficiaries From Creditors and Life’s Challenges

One of the key advantages of a living trust is that it allows you to create conditional protections that take effect only if specific life events, like financial hardship or divorce, occur. This strategic planning helps ensure that your legacy remains secure for your loved ones. 

With careful planning, your trust can:

• Shield your child’s inheritance from divorce: Assets left in a properly drafted trust typically remain separate property in a divorce, meaning they cannot be divided by the divorce court.

• Guard against medical and long-term care bills: If your spouse or adult children face a health crisis or need long-term care, trust assets may be protected from being used to pay for those costs. Adult children and surviving spouses over sixty-five years old have a significant chance of medical problems.

• Protect from lawsuits or debt: Whether it is a car accident lawsuit or unpaid credit cards, a well-drafted trust can help keep your child’s inheritance safe from creditors.

• Decreased family disputes: Unlike a will, a living trust does not require formal letters to be mailed to disgruntled family members or others, which may lead to a contested estate litigation matter.

This type of protection is not available through a will. Wills distribute assets directly to beneficiaries, which offers no ongoing legal shield once the money changes hands.

Can You Give Your House to Your Children with Just a Will? 

Let us say you own a home in Plainfield near Settlers’ Park. If your home is only listed in your name and you pass away with just a will, your loved ones will need to go to court to transfer the home, even if you have left clear instructions about who it should belong to. Most families fail to understand that court is required for a Last Will & Testament.

With a trust, your home can be transferred to your beneficiaries privately, quickly, and without court involvement. This means fewer headaches, delays, and costs for your family. And if you structure the trust properly, your beneficiaries can enjoy the use and benefit of the property while keeping it protected from life’s uncertainties.

Is a Will or a Trust Right for You?

For many Illinois residents, the answer is both. A will still plays an important role in naming guardians and covering any assets not placed in your trust. But for families with property, savings, or a desire to avoid probate or protect a child’s inheritance from divorce, a trust is often the smarter solution.

Call a Kendall County, IL Estate Planning Lawyer

At Gateville Law Firm, we focus on estate planning and asset protection for families in Plainfield and across Kendall County. Our experienced legal team provides thoughtful, personalized strategies designed to give you peace of mind while safeguarding your legacy from probate delays, unnecessary taxes, and potential creditor threats.

Call us today at 630-780-1034 to schedule a free consultation with our Plainfield, IL wills and trusts attorney.