Will or Trust: Which Is Right For You
November 7, 2025
Choosing Between Wills & Trusts
Many families ask the same question: should I use a will, a trust, or both. The best answer depends on your goals, your assets, and your family. Here is a plain English guide from Ashley Ownby, Attorney at Law, to help you choose a path with confidence.
Quick definitions
Will
A will is a written plan that takes effect after death. It names who inherits, who manages the estate, and who serves as guardian for minor children. A will usually goes through probate.
Living trust
A revocable living trust is a legal arrangement you create while alive. You move assets into the trust and you remain in control as trustee. When you pass away, the successor trustee distributes assets according to the trust terms, usually without probate.
What a will does well
- Names a guardian for minor children
- Covers personal items, gifts, and clear instructions
- Simple to set up for straightforward estates
- Lower upfront cost than a trust in many cases
What a will does not do
- It does not avoid probate by itself
- It does not control assets with beneficiary designations or joint ownership
- It provides less privacy because probate filings are public records
What a living trust does well
- Can avoid probate for assets titled in the trust
- Can provide more privacy and faster access for your trustee
- Helpful if you own real estate in more than one state
- Allows detailed rules for how and when beneficiaries receive funds
- Smooths management if you become ill, since a successor trustee can step in
What a living trust does not do
- It does not replace a will entirely. You still need a pour over will to catch assets not already in the trust.
- It does not work unless you fund it. Titles and beneficiary forms must be updated.
- It usually costs more upfront and takes more setup time.
When a will is usually enough
- Young family with modest assets and no complex issues
- Single home in Tennessee, no out-of-state property
- You want clear guardianship instructions and are comfortable with probate
When to consider a trust
- You want to avoid probate and keep more privacy
- You have property in more than one state
- Blended families or long-term control is important
- A beneficiary has special needs or money management concerns
- You want a plan for incapacity so a successor trustee can manage without court involvement
Will and trust together
Many Cleveland families use both. A living trust holds the home and key accounts. A pour over will names guardians, covers personal items, and directs any stray assets into the trust at death.
Keep beneficiary forms in sync
Some assets pass by beneficiary form, not by will or trust. Review these so they match your plan:
- Life insurance
- Retirement accounts
- Payable on death or transfer on death accounts
- Certain brokerage accounts
Cost and timing
- Will package: lower setup cost, more work for your executor later due to probate
- Trust package: higher setup cost, less court involvement later if funded correctly
The right choice is the one that lowers stress and cost overall for your family.
Common mistakes to avoid
- Creating a trust but never funding it
- Forgetting to update beneficiary forms after life events
- Naming co executors or co trustees who cannot work well together
- Letting old documents sit for a decade without review
Plan to review your plan every 3 to 5 years, and after marriage, divorce, birth, death, or a move.
How we help in Cleveland
At Ashley Ownby, Attorney at Law, we listen first. Then we recommend a will, a trust, or both. We prepare clear documents, handle funding steps, and align beneficiary forms so everything works together under Tennessee law.
Many people wonder if they really need a lawyer to create a will, or if they can simply write one themselves on paper. The short answer is yes, in some cases you can write your own will. However, whether it is valid and whether it will actually work the way you intend depends on how it is written and the laws in your state. Here is what you should know before deciding to create a will on your own. Is a Handwritten Will Legal? A handwritten will is often called a holographic will. Some states recognize holographic wills, while others do not. In states where they are allowed, the will usually must meet specific requirements. Common requirements include: The will must be written entirely in your own handwriting You must clearly state that the document is your will You must sign the will The will must show that you were of sound mind when writing it If your state does not recognize holographic wills, a handwritten will may not be valid at all, even if your intentions are clear. Does a Will Have to Be Typed? No, a will does not have to be typed. Both typed and handwritten wills can be valid, depending on state law. Typed wills usually require witnesses to be legally enforceable, while handwritten wills may or may not require witnesses depending on the state. Because rules vary, it is important to understand your local requirements before relying on a handwritten document. What Makes a Self-Written Will Risky? While writing your own will may seem simple, there are risks to consider. Common issues include: Unclear language that leads to disputes Forgetting to name an executor Not accounting for all assets Conflicting instructions Failing to meet witnessing or signing requirements Even small mistakes can cause delays, legal challenges, or cause a court to ignore parts of the will entirely. When Writing Your Own Will Might Be Enough A self-written will may be appropriate if: Your estate is very simple You have few assets You want everything to go to one person You do not have minor children You are comfortable researching your state laws In these cases, a basic will can be better than having no will at all. When You Should Consider Professional Help You should strongly consider legal help if: You own property in multiple states You have a blended family You want to set up trusts You have minor children and need guardianship plans You want to minimize taxes or avoid probate issues An improperly written will can cost your family far more in legal fees than the cost of getting it done correctly in the first place. Tips If You Decide to Write Your Own Will If you choose to write your own will, follow these tips: Use clear and simple language Clearly title the document as your last will and testament List your assets and beneficiaries clearly Name an executor you trust Follow your state’s signing and witness rules exactly Store the will in a safe place and tell someone where it is Final Thoughts Yes, you can write your own will on paper, but that does not always mean you should. While a handwritten will can be legally valid in some states, mistakes are easy to make and can create serious problems later. If your situation is anything beyond very simple, getting professional guidance can give you peace of mind and help ensure your wishes are honored exactly as you intend.
When someone passes away, their estate often goes through probate. One of the most common concerns for families is debt. Many people worry that all debts must be paid immediately or that personal assets are automatically at risk. In reality, probate law provides important protections, including exemptions and strict rules for creditors. Understanding how debts are handled can help you protect estate assets and avoid paying more than required. Creditors Must File a Claim In probate, creditors do not get paid automatically. They must follow a formal process. After probate is opened, notice is given to known creditors and published publicly. Creditors then have a limited amount of time to file a claim against the estate. If a creditor fails to file a claim by the deadline, that debt is usually barred and does not have to be paid. This means: Old debts do not automatically survive death Family members are not responsible for filing claims on behalf of creditors Missed deadlines can eliminate otherwise valid debts One of the biggest mistakes families make is paying bills before knowing whether a creditor has properly filed a claim. The Inventory Determines What Can Be Used to Pay Debts Early in probate, the personal representative must file an inventory of the estate. This document lists all assets owned by the deceased at the time of death and their estimated values. The inventory is important because: Only probate assets listed in the inventory can generally be used to pay estate debts Some assets never become part of probate, such as certain joint accounts, payable-on-death accounts, or assets held in trust Exempt property is identified during this process If an asset is not part of the probate estate, creditors usually cannot reach it. Exempt Property Is Protected From Creditors Most states allow certain assets to be exempt from creditor claims. These exemptions are designed to protect surviving spouses and family members. Common examples of exempt property include: A portion of the homestead or primary residence Certain personal property like furniture, clothing, and vehicles up to a value limit Retirement accounts and life insurance proceeds payable to a beneficiary If property is exempt, it generally cannot be used to pay unsecured debts, even if creditors file timely claims. Not All Debts Are Treated the Same Even when creditors file claims correctly, debts are paid in a specific legal order. Administrative expenses, funeral costs, and taxes often have priority. Lower-priority debts may go unpaid if estate assets are insufficient. This is another reason families should never assume all debts must be paid in full. Get Guidance Before Paying Any Debts Probate rules are strict, and mistakes can be costly. Paying a debt too early or from the wrong asset can eliminate valuable protections that the law provides. Before paying any creditor: Confirm a valid claim was filed on time Review the probate inventory carefully Identify exempt and non-probate assets Understand debt priority rules Working with an experienced probate attorney can help ensure debts are handled correctly while preserving as much of the estate as possible for heirs.
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At Ashley Ownby, we draft wills that fit your family and TN law. We coordinate beneficiary designations & advise when a trust or transfer-on-death deed may help.
Probate For Families
Answers from Ashley L. Ownby, Attorney at Law – Cleveland, TN
Understanding the Key Differences Between Wills and Trusts - and Why the Right Choice Matters for Your Family's Future
Helping Cleveland Families Navigate Probate with Ease
