Wills vs. Trusts in Missouri: Which One Is Right for You?

Wills vs. Trusts in Missouri: Which One Is Right for You?

If you've started thinking about estate planning, you've probably come across two terms pretty quickly: wills and trusts. Both are essential tools in Missouri estate planning, but they work in very different ways — and choosing the right one (or the right combination) depends on your unique situation.

At The Taormina Firm, one of the most common conversations we have with clients is helping them understand these differences. So let's walk through it together.

What Is a Will?

A will — officially called a "last will and testament" — is a legal document that outlines how you want your assets distributed after you pass away. In Missouri, a valid will must be in writing, signed by the person making it (called the "testator"), and witnessed by at least two competent witnesses, as outlined in Missouri Revised Statutes Section 474.320.

A will lets you name who inherits your property, designate a guardian for your minor children, name a personal representative (executor) to manage your estate, and make specific gifts to individuals or charities.

The downside? A will has to go through probate — the court-supervised process of validating your will and distributing your assets. In Missouri, probate can take anywhere from several months to over a year, and the costs can add up with court fees and attorney's fees.

What Is a Trust?

A trust is a legal arrangement where you (the "grantor") transfer ownership of your assets to a trust, which is then managed by a trustee for the benefit of your chosen beneficiaries. The most common type for estate planning purposes is a revocable living trust.

With a revocable living trust, you typically serve as your own trustee during your lifetime, which means you maintain full control over your assets. You can buy, sell, and manage property just as you always have. The magic happens when you pass away or become incapacitated — your successor trustee steps in and manages or distributes the assets according to your instructions, all without going through probate.

Key Differences That Matter in Missouri

The biggest practical difference between a will and a trust in Missouri comes down to probate avoidance. Assets held in a properly funded revocable living trust pass to your beneficiaries without court involvement. That means faster distribution, lower costs, and much more privacy for your family.

Another important difference involves incapacity planning. A will only takes effect after you die. A trust, on the other hand, includes built-in provisions for what happens if you become unable to manage your own affairs. Your successor trustee can step in seamlessly, without the need for a court-appointed conservator.

Privacy is another factor. Wills become public record once they're filed with the probate court. Trusts, by contrast, remain private documents. If keeping your financial affairs confidential matters to you, a trust offers a clear advantage.

Do You Need Both?

In most cases, yes. Even if you create a revocable living trust, it's smart to also have what's called a "pour-over" will. This is a backup will that catches any assets you didn't transfer into your trust during your lifetime and "pours" them into the trust at your death. It acts as a safety net to make sure nothing falls through the cracks.

You'll also want a durable power of attorney and a health care directive as part of your overall estate plan. These documents work alongside your will and trust to cover all your bases.

Which Is Right for You?

There's no one-size-fits-all answer, but here are some general guidelines. A will-based plan might be sufficient if you have a relatively simple estate, you're younger with few assets, or your primary concern is naming guardians for your children.

A trust-based plan makes more sense if you own real estate (especially in multiple states), you want to avoid probate for your family, you have a blended family or complex family dynamics, you own a small business, or you want built-in incapacity protections.

Let's Figure It Out Together

The best way to determine what's right for you is to sit down with someone who knows Missouri estate planning law inside and out. At The Taormina Firm, we take the time to understand your goals, your family situation, and your concerns before recommending any specific approach.

If you're in St. Louis or anywhere in Missouri and want to get your estate plan started — or update an existing one — give us a call or schedule a consultation. We'll help you figure out the best path forward, one step at a time.