Will you leave a legacy or a disaster?
In this guide, we’ll break down the two most essential estate planning tools you need: a will and a revocable living trust. We’ll also talk about what each one does, how they work together, what it should cost, and the biggest mistake most people make with their estate plan.
If you’re a parent, investor, business owner, or just someone who wants their hard work to count for something after they’re gone, this is for you.
What a Will Does (and Doesn’t Do)
At a minimum, every adult should have a will.
It does two critical things:
- Tells the court who gets your stuff
- Designates a guardian for minor children
That’s it. And while that’s important, a will alone won’t keep your estate out of probate.
Even a perfectly written will still has to go to court. A judge will review it, approve it, and issue what’s called “Letters Testamentary” so your executor can carry it out. This process is public, time-consuming, and costly.
And if you don’t have a will? The court decides who gets what, and who raises your kids. Not ideal.
Why You Actually Need a Trust
A revocable living trust picks up where the will leaves off.
It doesn’t just say who gets what—it says how and when they get it.
Want to make sure your 19-year-old doesn’t blow their inheritance on a motorcycle and TikTok merch? You can space out distributions, add conditions (like completing school or rehab), and designate specific gifts.
More importantly, a trust:
- Keeps your estate out of probate
- Stays private (no nosy neighbors digging through court records)
- Kicks in immediately if you’re incapacitated
- Saves your family time, money, and a legal mess
And yes, you still need a will—to name guardians and cover anything not placed into the trust (we call it a “pour-over” will).
But Trusts Are Expensive… Right?
Wrong.
You don’t need to be wealthy to have a trust. If you own a home, have life insurance, or have kids, you probably need one.
Sure, you’ll find firms charging $5K–$10K based on your net worth. But a solid, legally sound estate plan with a revocable living trust should cost closer to $3,000—and even less during a special promotion like the one we’re running now.
You pay once. It lasts forever. You can update it anytime.
This is not some TikTok “irrevocable trust” asset protection scheme. This is the real deal—what 99% of our clients actually need.
The People Involved: Trustee, Guardian, Executor
When setting up your estate plan, you’ll need to choose a few key roles:
- Trustee – Manages and distributes your assets
- Guardian – Cares for your minor children
- Executor – Handles logistics: funeral, property, personal effects
These don’t need to be the same person. In fact, they usually shouldn’t be.
Pick people you trust with money and decisions—not just the ones good with kids or “available.”
Pro Tip: Fund the Trust
Setting up a trust is great, but it’s worthless if you don’t put anything in it.
You need to transfer ownership of your real estate, business interests, and certain accounts into the trust. This is called “funding” the trust, and it’s a step many people (and even some lawyers) forget.
You can name your trust something simple and private (like “Green Tree Trust”) and still maintain full control while you’re alive. But if you pass without properly funding it? The court steps in—and you’re back to probate.
Don’t Forget These 2 Extra Docs
Even the best estate plan isn’t complete without these:
- Living Will / Health Care Directive
- States your wishes if you’re in a vegetative state
- Avoids putting your family through guilt and legal delays
- Durable Power of Attorney
- Appoints someone to manage finances and decisions if you’re incapacitated
- Critical for long-term illness, injury, or age-related decline
These are standard with every estate plan we do at KKOS Lawyers.
What a Trust Can’t Do
Let’s be clear:
A revocable living trust does not protect your assets from lawsuits.
It’s not for asset protection. It’s for organization, legacy, and peace of mind.
We’ve got plenty of other strategies for lawsuit protection (LLCs, COPEs, etc.)—but don’t buy into the myth that your trust is some magical shield. It’s not.
Final Thought: If You Don’t Plan, That Is the Plan
If you don’t have a plan in place, the court—and the IRS—will make one for you. That’s not a scare tactic. It’s just the truth.
So whether you’re young and just getting started, or you’ve built a multi-million dollar portfolio, this is your call to action.
“Leave a legacy behind, instead of a web of chaos and confusion”
FAQ
What’s the difference between a will and a trust?
A will names who gets what and who raises your kids—but it still goes through probate. A trust gives you more control, keeps everything private, and avoids the court system altogether.
Do I need both?
Yes. A trust doesn’t replace a will. You still need a pour-over will for guardianship and any assets outside the trust.
How much does it cost to set up a trust?
Around $3,000 for a complete estate plan—but many firms (including ours) run seasonal discounts that bring it down further.
Can I change my trust later?
Absolutely. That’s the beauty of a revocable living trust. Life changes, and your trust should be able to change with it.
Is this just for rich people?
Not at all. If you own a home, have life insurance, or care about who raises your kids—this is for you.
Ready to Get It Done?
We help clients in all 50 states.
Our team will walk you through it, explain every decision, and tailor your trust to your life—not someone else’s.
Take action now!
Click here to schedule a KKOS consult or get started with your estate plan today.
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