Should You Get a Trust or a Will?

Each state sets a small estate threshold ($15,000 to $400,000) below which estates can skip full probate and use a simplified affidavit process. If your estate falls below this limit, a will with simplified probate may cost less overall than creating a trust. Above the threshold, probate fees — 5% to 8% of a $500,000 estate depending on the state — often exceed the one-time cost of setting up a trust. Check your state's threshold with our Probate Decision Tool.

Wills cost less to create — free to a few hundred dollars through online services — but the estate pays probate later, 5% to 8% of a $500,000 estate depending on the state. Attorney-prepared trusts cost more upfront, $1,960 to $8,085 depending on the state, and avoid probate entirely. Compare exact numbers with our Trust Cost Calculator and Will Cost Calculator.

Yes, trusts are portable. You can create a trust under any state's laws and it remains valid if you move. Many people choose Nevada or Delaware for their trusts due to favorable asset protection laws, no state income tax, and strong privacy protections. The trust situs (governing law) is independent of where you live.

A living will is a medical document (part of an advance directive) that tells which treatments you want if you are dying or permanently unconscious — things like dialysis, breathing machines, or tube feeding (MedlinePlus/NIH). A living trust is an estate planning document that holds your assets during your lifetime and transfers them to beneficiaries at death without probate (IRS grantor trust guidance). They serve entirely different purposes — a living will is part of healthcare planning and is often paired with a healthcare power of attorney, while a living trust is part of property planning. Many complete estate plans include both. Learn how a living trust works.

Savings depend on your estate value and state. On a $500,000 estate, probate costs $23,055 to $41,437 in attorney fees, executor fees, and court costs. A trust avoids those costs entirely. On a $1 million estate, probate runs $44,362 to $83,073. The higher your estate value, the more a trust saves. A revocable trust preserves those savings for your heirs; SimplyTrust builds one online.