What Is the Difference Between a Will and a Trust in Utah?

Planning for the future is one of the most meaningful steps you can take to protect your loved ones and preserve the legacy you've worked hard to build. Two of the most common estate planning tools are wills and trusts. While both are designed to help manage the distribution of your assets, they serve different purposes and may work together as part of a comprehensive estate plan.



Understanding the differences between a will and a trust can help you make informed decisions about protecting your family and your future.

What Is a Will?

A will is a legal document that outlines how you want your assets distributed after your death.

A will may also allow you to:

• Name beneficiaries.
• Appoint a personal representative (executor) to administer your estate.
• Nominate a guardian for minor children.
• Express your wishes regarding certain personal property.

A will generally takes effect only after your death and typically goes through the probate process.

What Is a Trust?

A trust is a legal arrangement that allows assets to be managed by a trustee for the benefit of one or more beneficiaries.

Depending on the type of trust, it may:

• Hold ownership of assets.
• Provide instructions for managing and distributing property.
• Continue operating during your lifetime and after your death.
• Help manage assets if you become incapacitated.

Trusts are often used as part of a broader estate planning strategy.

Probate Considerations

One of the key differences between a will and a trust is how assets are transferred after death.

Assets distributed through a will generally pass through probate, the court-supervised process of administering an estate.

Assets that have been properly transferred into a trust may be distributed according to the terms of the trust without going through probate, depending on the circumstances.

Whether probate is necessary depends on the specific assets involved and how they are titled.

Privacy

Another distinction involves privacy.

Because probate proceedings are generally matters of public record, information contained in probate filings may become publicly accessible.

In contrast, trusts often provide a greater degree of privacy because they typically are not administered through the public probate process.

Managing Incapacity

A trust may also provide benefits during your lifetime.

If you become unable to manage your financial affairs, a successor trustee may be able to manage trust assets according to the terms of the trust.

A will, by contrast, generally does not provide instructions for managing assets during your lifetime if you become incapacitated.

Which Assets Can Be Included?

Depending on your estate plan, a trust may hold assets such as:

• Real estate.
• Bank accounts.
• Investment accounts.
• Business interests.
• Personal property.

A will can also address many of these assets, although how they are ultimately transferred may differ.

Do You Need Both?

Many people assume they must choose between a will and a trust, but that is not always the case.

Depending on your goals, an estate plan may include:

• A will.
• One or more trusts.
• Powers of attorney.
• Advance healthcare directives.
• Other estate planning documents.

An experienced estate planning attorney can help determine which combination best fits your circumstances.

Every Estate Plan Should Be Customized

No two families have identical financial situations or planning goals.

Factors that may influence your estate plan include:

• The size of your estate.
• Whether you own real estate.
• Business ownership.
• Minor children.
• Blended families.
• Long-term planning objectives.

A personalized estate plan can help ensure your wishes are clearly documented and your loved ones are protected.

How Harward & Hawes Can Help

At Harward & Hawes, we help individuals and families throughout Draper and communities across Utah create personalized estate plans that reflect their unique goals and circumstances. Whether you're considering a will, a trust, or a comprehensive estate plan that includes powers of attorney and other planning tools, our team can provide practical legal guidance to help protect your legacy and your loved ones. Contact Harward & Hawes today to schedule a consultation.