Managing your estate—your property, assets, and final wishes—can feel overwhelming. Two of the most common legal tools for passing on your legacy are wills and living trusts. Though both aim to ensure your wishes are honored, they work in very different ways. In this post, we’ll break down:
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What a Will is
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What a Living Trust is
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The key differences
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Pros & cons of each
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How to decide which is right for you
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Next steps to get started
What Is a Will?
A Last Will and Testament is a legal document that:
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Specifies how your assets (real estate, bank accounts, personal property) should be distributed after you pass away.
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Names an executor—the person responsible for carrying out your instructions.
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Allows you to appoint guardians for minor children.
Important: Wills must pass through probate, a court-supervised process that can add time, expense, and public scrutiny to settling an estate.
What Is a Living Trust?
A living trust (also called a “revocable trust”) is a legal arrangement in which you transfer ownership of assets into a trust you control during your lifetime. Key features include:
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You act as trustee (managing assets) and beneficiary (enjoying assets) while alive.
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You name a successor trustee to manage and distribute assets if you become incapacitated or pass away—without probate.
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You retain flexibility: you can amend or revoke the trust at any time.
Key Differences
| Feature | Will | Living Trust |
|---|---|---|
| Probate | Required | Avoided |
| Privacy | Public record | Private (not filed in court) |
| Incapacity Planning | No | Yes (successor trustee steps in) |
| Cost & Complexity | Generally lower; simpler to draft | Higher upfront cost; more complex setup |
| Contesting | Easier to contest in court | Harder to contest; procedures more private |
Pros & Cons of Each
Will
Pros:
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Inexpensive and straightforward.
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Lets you name guardians for minor children.
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Provides clear instructions for distribution.
Cons:
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Must go through probate (can take 6–12+ months).
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Probate fees and court costs reduce estate value.
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Public record—anyone can see what you left to whom.
Living Trust
Pros:
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Avoids probate, speeding up distribution.
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Maintains privacy—no court files.
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Built-in incapacity planning: successor trustee steps in if needed.
Cons:
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More expensive to set up (often 2–3× higher fees).
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Requires retitling assets into the trust.
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Does not replace a will entirely—you still need a “pour-over” will for any assets not funded into the trust.
Which One Is Right for You?
Consider a Will if you:
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Have a relatively simple estate under £300,000.
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Don’t mind going through probate.
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Want to minimise upfront costs.
Consider a Living Trust if you:
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Own property in multiple UK jurisdictions or overseas.
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Have a more complex estate (business interests, investment portfolios).
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Want to avoid probate delays and maintain privacy.
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Need seamless incapacity planning.
Many families use both: a living trust for liquid and titled assets, plus a pour-over will to catch anything left out.
Next Steps: How to Get Started
1. Inventory Your Assets: List properties, bank accounts, investments, business interests, and valuables.
2. Choose Your Trustees/Executors: Select trusted individuals or a professional fiduciary.
3. Draft Your Documents: Work with a specialist estate-planning solicitor to ensure legal compliance and tax efficiency.
4. Fund Your Trust (if using one): Retitle assets into the name of your trust.
5. Review Annually: Life changes like marriage, children, or significant new assets may require updates.
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