Only 24% of U.S. adults have a will in place, according to Caring’s 2025 Wills and Estate Planning Study. That means most families risk delays, court involvement, and unnecessary costs when something goes wrong.
At Duffley Law, we build flat-fee estate plans designed to keep you out of probate and in control, letting you decide what fits your goals and your family.
Key Takeaways
- A will names your heirs and guardians but generally must go through probate.
- A revocable trust keeps your plan private and avoids the hassle of probate.
- Using both a will and a trust offers full coverage for most families.
- Trusts often cost more up front but save time, stress, and court fees later.
What Is a Trust and Why Use One?
A trust is like a legal container that holds assets for your chosen beneficiaries. You transfer property to the trust, name a trustee to manage it (this can be you while you are alive), and set rules for how and when the assets are distributed. Because the trust, not you, owns the assets, most transfers happen privately and skip probate.
What is the Difference Between a Revocable and an Irrevocable Trust?
Revocable (living) trust
- You stay in control and can change or cancel it while you are alive.
- Assets are still part of your taxable estate.
Irrevocable trust
- An irrevocable trust generally cannot be changed once formed
- You typically give up control once assets move in.
- Provides potentially stronger creditor and estate-tax protection.
5 Popular Trust Types in 2025
There are many types of trusts, but all of them are either revocable or irrevocable. Here are the 5 most popular ones:
- Special-needs trust: protects benefits for a disabled loved one while providing additional support.
- Pet trust: sets money aside for animal care.
- Charitable remainder trust: pays income to you, then gifts the rest to charity.
- Spendthrift trust: limits how quickly a beneficiary can burn through money.
- Crypto asset trust: secures digital wallets with multi-sig instructions.
Pros and Cons of Setting Up a Trust
Pros
- Assets in the trust skip the hassle and delays of probate court.
- Keeps asset values and heir names out of public records.
- Someone can manage assets if you become incapacitated.
- Helps avoid multiple probates when you own property in several states.
Cons
- Higher upfront cost than a simple will.
- Requires retitling assets into the trust.
- Potential ongoing costs for the trustee.
What Is a Will and How Does It Work?
A will is a written set of instructions that tells the probate court who gets your assets and who cares for your minor children after you die.
Until that moment, it has practically no legal power.
Core Functions and Legal Requirements
- Names beneficiaries for property, money, and personal items
- Appoints an executor to handle debts, taxes, and distributions
- Selects a guardian for minors or dependents
- Must be signed, dated, and witnessed according to state law
- Can be replaced or updated anytime prior to death with a new signed version or a codicil
Pros and Cons of Using Only a Will
Pros
- Simpler to draft and cheaper than a trust
- Lets you assign guardianship for minor children and dependents
Cons
- Goes through probate court
- Heirs often wait months or even years before receiving property
- Multiple probate cases if you own property in more than one state
- Only kicks in after you pass away
Probate Timeline and Costs With a Will
| Item | Typical Range |
| Court filing and executor fees | Varies |
| Attorney fees | Hourly or statutory percentage (varies by state) |
| Average duration | The timeline varies greatly by situation, but probate often takes between 3–18 months to complete |
| Public access to filings | Yes, all documents become part of court record |
Probate can take even longer (and cost more) if no will is present.
Will vs Trust Comparison Table: Costs, Control, Probate & Taxes
Scan the chart to see how a basic will stacks up against a revocable living trust.
| Criteria | Will | Revocable Living Trust |
| Upfront cost | Often a few hundred dollars up to a couple thousand dollars for a complex will | Trusts costs can range greatly depending on the size and complexity of the estate, but they often range between $2,000 to $6,000 to create with an attorney |
| Probate | Required, public court record | Usually avoided, private transfer |
| Time for heirs to access assets | 3–18 months (varies greatly by state) | Days to weeks after passing away |
| Privacy | Probate filings are public | Trust terms stay private |
| Control while alive | No effect until death | You can stay in charge as trustee and can amend the trust at anytime |
| Incapacity protection | Requires separate power of attorney or guardianship declaration | Built-in: successor trustee can step in |
| Ongoing fees | None | Percentage of assets if a professional trustee is hired |
| Estate-tax impact | No shelter on its own | No tax break by itself, can pair with tax-focused trusts |
Many effective plans use both documents to allow for the privacy and speed..
5 Steps to Choose the Right Estate-Planning Document
Follow these steps when choosing your estate planning documents:
Step 1: List Your Assets and Goals
Write down every major asset (home, savings, business, crypto) and note what matters most: speed, privacy, tax savings, or simple transfer to family.
Step 2: Estimate Probate Costs in Your State
Use court fee charts or an online probate cost calculator to see how much time and money a will-only estate might lose. If the figure stings, a trust can cut it.
Step 3: Check Your Estate-Tax Exposure
Add up net worth and compare it to current state and federal thresholds. If you may owe estate tax, an irrevocable or tax-focused trust becomes more valuable.
According to the IRS, only estates worth more than $13.99 million need to file a federal estate tax return in 2025. Fewer than 0.1% of estates are taxed.
Tax laws are always subject to change, and everyone’s situation is different, so consult with a tax professional to see what your exposure may be.
Step 4: Plan for Incapacity and Guardianship
If you want smooth asset management during illness or need to name a guardian for minors, combine a revocable living trust with a simple will (often called a “pour over will”).
Step 5: Talk to a Licensed Attorney or CFP
Bring the notes from Steps 1-4 to a professional who can draft the exact mix, a stand-alone will, a trust, or both, so your plan meets all legal rules.
How Do Digital Assets, Crypto, and NFTs Fit Into Your Estate Plan?
Online bank accounts, email, social media, and crypto wallets often do not transfer under old-style wills unless you list them and give secure access instructions. A simple add-on trust clause can store private keys, name a digital executor, and keep your NFT or Bitcoin holdings out of probate delays and public filings.
As reported by Pew Research Center, 17% of U.S. adults have owned cryptocurrency at some point. Without the right language in your will or trust, digital assets like crypto wallets and NFTs may become inaccessible or locked in probate. A trust with digital-trustee instructions helps your beneficiaries access and transfer them securely.
Frequently Asked Questions
Does a will avoid probate?
No. A will requires probate. A trust or account beneficiary designation skips it.
Can I write my own will?
Yes, but state witness and formality rules must be followed exactly or the court can reject it (or require even more steps during probate).
Do I lose control of assets in a revocable trust?
No. You can choose to stay as the trustee while you are alive and can change terms anytime.
How often should I update my documents?
Documents should be reviewed periodically, especially after major life events or at least every few years to see if anything needs updating.
Make Your Plan Clear and Private While Avoiding Probate
If you want your wishes followed without court delays or extra costs, the right plan makes all the difference. At Duffley Law, we build wills and trusts tailored to our clients’ goals.
You don’t need to guess your way through creating an effective estate plan. Visit our contact page to schedule your consultation and so we can identify a plan that keeps your family out of probate court and in control.