Wills and trusts are not mutually exclusive - it is possible to have both a will and a trust in your estate plan. Here are some factors to consider when deciding:
Wills are simpler and cheaper to create than trusts, but do not avoid probate like trusts.
Trusts allow you to avoid probate and keep estate matters private, but cost more upfront.
Wills can be contested more easily than trusts.
Trusts provide additional features like asset protection and management in incapacity.
For larger estates, trusts are recommended to avoid high probate costs.
Trusts are useful for estate tax minimization, especially for married couples.
Wills passing assets outright may not protect heirs from creditors/lawsuits.
Those with dependents may benefit more from testamentary trusts in a will.
An estate planning lawyer can review your goals and situation to advise if a will, trust, or combination works best for your needs.