When most people hear the words “estate planning,” they immediately think of a will. But in Minnesota, a trust might serve your family better—depending on your situation. Choosing between a will and a trust isn’t just a legal decision; it’s a personal one, shaped by your assets, your family dynamics, and your long-term goals. Understanding the difference between the two can help you protect your legacy and make things easier for the people you love.
At Waldron Law Offices, Ltd., we help families throughout Wayzata, Minneapolis, and surrounding counties create custom estate plans that reflect their values and protect what matters most.
What Is a Will?
A will is a legal document that outlines your wishes after you pass away. It states who will inherit your assets, who will care for any minor children, and who will manage the process—your personal representative (executor).
Wills only take effect after death, and they must go through probate, which is the court-supervised process of validating the will, paying off debts, and distributing assets. While probate provides structure and oversight, it can also take several months to over a year, and the records become public.
Wills are relatively easy to create and are often a good starting point for people just beginning to plan their estates. But they may not offer the flexibility or protection some families need—especially in complex or high-value situations.
What Is a Trust?
A trust is a legal arrangement where one party (the trustee) manages assets for another party (the beneficiary). Trusts come in several forms, but revocable living trusts are the most common in Minnesota estate plans.
The key advantage of a trust is that it avoids probate. Assets placed in the trust during your lifetime pass directly to your beneficiaries after death, without needing court approval. This keeps your affairs private, speeds up the process, and often reduces costs in the long run.
Irrevocable trusts also exist and are often used for tax planning or protecting assets from creditors—but they are much harder to change once created.
Trusts take effect as soon as they’re signed and funded, which means they can also be used if you become incapacitated, offering peace of mind and continuity.
Key Differences Between Wills and Trusts
One of the biggest differences is whether probate is required. A will must go through probate, while a properly funded trust can bypass it entirely.
Privacy is another major concern. Probate is a public process, so if you use a will, anyone can look up the details of your estate. Trusts, on the other hand, are private documents.
Control and flexibility also vary. A trust allows you to specify how and when your beneficiaries receive money—for example, in stages over time or only after meeting certain conditions. Wills simply transfer assets outright unless paired with a trust.
In terms of cost and complexity, wills are cheaper and easier to set up, but trusts often save money over time by avoiding court costs and delays.
Pros and Cons of Each
Wills
Pros:
- Less expensive upfront
- Simple to create
- Suitable for small estates and basic plans
Cons:
- Requires probate
- Becomes public record
- No built-in incapacity planning
Trusts
Pros:
- Avoids probate
- Keeps your affairs private
- Allows for detailed control over distributions
- Helps manage assets if you become incapacitated
Cons:
- More complex and expensive to set up
- Requires ongoing maintenance and funding
- Not always necessary for simple estates
When a Will Might Be Better
A will might be the right fit if your estate is relatively small, your family situation is straightforward, and you’re not concerned about probate or privacy. For instance, a single individual with one adult child and minimal real estate may not need the additional structure a trust provides.
Wills are also commonly used when people are just getting started with estate planning. In Minnesota, you can always begin with a will and later establish a trust as your needs evolve.
When a Trust Might Be Better
A trust becomes especially useful for families with more complex needs. If you own real estate in more than one state, a trust can help you avoid multiple probate proceedings.
Blended families often benefit from the control a trust offers—allowing you to provide for your current spouse while protecting children from a previous relationship.
Families with special needs beneficiaries may need a supplemental needs trust to ensure loved ones remain eligible for government benefits.
And if you have a high-value estate, trusts can offer better long-term tax strategies, protect your privacy, and reduce administrative headaches for your heirs.
Can You Have Both a Will and a Trust?
Yes—and many people do. A common setup is to have a revocable living trust as the primary tool for managing and distributing assets, along with a pour-over will that acts as a safety net.
The pour-over will ensures that any assets accidentally left out of the trust are still transferred into it after your death. It also names guardians for minor children—something trusts alone cannot do.
Using both tools together ensures your wishes are carried out thoroughly and efficiently.
Speak with a Local Attorney in Minnesota
Estate planning is not one-size-fits-all. What works for your neighbor or sibling might not work for your family. At Waldron Law Offices, Ltd., we tailor every estate plan to your unique needs. Whether you’re starting fresh or revisiting an older plan, we’ll help you make clear, confident decisions about wills, trusts, and everything in between.
We work with families throughout Wayzata and across Hennepin, Ramsey, Dakota, and nearby counties to craft estate plans that protect what matters most.
Call us today at (952) 471-0940 to set up a consultation.
Frequently Asked Questions
Do I still need a will if I have a trust?
Yes. A trust handles your assets, but you still need a will to name guardians for children and cover anything not placed in the trust.
Can a trust protect my assets from creditors?
It depends. Revocable trusts do not protect assets from creditors, but irrevocable trusts might—though they come with restrictions and should be set up carefully.
Is a trust public record in Minnesota?
No. Unlike a will, a trust is not filed with the court and remains private.
What is a pour-over will?
A pour-over will is a type of will used alongside a trust. It directs that any remaining assets outside the trust should be transferred into it after your death.
Let us help you decide: Should you get a will or a trust in MN? Contact Waldron Law Offices, Ltd. today and let’s build a plan that works for your life.
