October Is Estate Planning Month: Let’s Start with the Foundations of Wills and Trusts
Every great estate plan starts with a strong foundation. In this first week of our National Estate Planning Month series, we’re focusing on the core building blocks of every plan: wills and trusts. These two documents go hand in hand to protect your loved ones, outline your wishes, and make sure everything you’ve worked for is handled exactly the way you want.
Yet, for many people, this is the step that feels the most confusing. Do you need both a will and a trust? What’s the difference? And where do you even start?
The truth is, it’s easier than you think — especially when you understand what each document does and how they work together.
A will is often the first document people think of when they hear “estate planning.” It’s your opportunity to detail your wishes for how your estate should be managed after your passing. You can specify who receives what, appoint guardians for children, and even include sentimental items like family heirlooms or letters.
A trust, on the other hand, offers more flexibility and control. When you create a trust, you transfer ownership of your assets into it — think of it as creating a separate legal “container” that holds your estate. Doing this can simplify the inheritance process, help your loved ones avoid probate, and potentially reduce taxes. It can also ensure that your assets are distributed privately, without public court proceedings. Check out our article Will vs. Trust: Understanding the Differences to learn more.
To help you decide what’s right for you, let’s look more closely at how each one works.
The Will: Your Foundation for Clarity
A will is an essential document for everyone, no matter your age or income level. It gives you the power to make decisions today that will protect your loved ones tomorrow. With a will, you can:
Decide how your property and personal belongings will be distributed
Name an executor (the person who carries out your wishes)
Appoint guardians for minor children or dependents
Specify how you want debts, taxes, or charitable gifts handled
Your will also covers your digital estate — including online accounts, devices such as phone or tables, photos, and even social media profiles. Without clear instructions, many of these digital belonginges can become inaccessible after death. Including them ensures your full legacy, both physical and digital, is preserved.
If you’re just starting to think about drafting your first will, our article What You Need to Know About Setting Up a Will, Trust, and Estate Plan walks through the process step by step.
The Trust: Your Tool for Flexibility and Privacy
A trust takes estate planning one step further. Unlike a will, a trust becomes effective as soon as you create and fund it — meaning it can protect your assets while you’re still alive.
There are many types of trusts, but one of the most common and useful is a revocable living trust, which allows you to remain in control of your assets during your lifetime while specifying exactly how they should be handled after your death. You can update it anytime as your life changes — adding new assets, adjusting beneficiaries, or revising instructions.
Trusts also help your loved ones avoid probate — a public and often lengthy court process — saving them time, stress, and sometimes significant expense. They can also provide privacy, since trusts are not public documents. For a closer look, read What Is a Revocable Living Trust and Why Should I Consider One?.
Beyond convenience, a trust can also give you more control over how and when your assets are distributed. For example, you can specify that a child receives funds only after reaching a certain age.
If you want to understand the additional benefits, including tax and inheritance advantages, explore Trust Me, It’s Worth It: Benefits to Setting Up a Trust.
What’s Included in a Will or Trust
Both documents can cover a broad range of assets and decisions, but they do so in different ways. A will ensures clarity by detailing how your physical and digital assets are distributed and by assigning guardianship for minors. A trust, meanwhile, can include specific rules, timelines, or stipulations that shape how your beneficiaries receive and manage their inheritance.
To see what types of assets can go into your trust — and how to make the most of it — check out Unlocking the Potential of Your Trust: What You Can Include.
Getting Started Is Easier Than You Think
With GoodTrust, creating your will or trust is quick, secure, and intuitive. Simply log in, select your document, and answer a few guided questions. The process takes less time than you think — and you can update your plan as often as you need throughout the year.
Remember, estate planning is an act of love. It’s about giving your family peace of mind and leaving behind clarity instead of confusion. Whether you start with a will or go straight for a trust, this first step lays the groundwork for everything that follows.
So this week, carve out 15 minutes to get started. Brew a cup of tea, open your GoodTrust dashboard, and begin building the foundation of your legacy.
Next week, we’ll move on to The Building Blocks — your Power of Attorney, Healthcare Directive, Funeral Directive, and Pet Directive — the documents that turn your estate plan into a complete, personalized reflection of your life.
Get started on your foundation now, here.
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