What’s the difference between a will and a trust, and how do I know which one I need?

A will is a legal document that only takes effect after you pass away. Any assets titled solely in your name at that time must go through probate—a public court process that can be time-consuming and costly. A revocable living trust (RLT) is something you create during your lifetime. You transfer ownership of assets into the trust or name the trust as a beneficiary. You stay in control while you're alive, and if you become incapacitated or pass away, your chosen successor trustee can manage or distribute those assets according to your wishes—without probate or court involvement.