Most people think a will handles everything. It doesn’t. Living trusts offer benefits that wills can’t touch, but they’re not always what you need. We work through this decision with Montana clients all the time, and it really comes down to understanding what each document actually accomplishes.
What A Will Does And Doesn’t Do
A will tells the court how to distribute your assets after you die. Pretty straightforward. It names guardians for your kids if they’re still minors, identifies who’ll handle your estate, and spells out who inherits what. Every will goes through probate. That’s the court-supervised process where a judge validates your wishes and oversees the transfer of property to your beneficiaries. Probate isn’t the nightmare some people make it out to be, but it has real downsides. The process usually takes several months, sometimes over a year, here in Montana. Court filings become public record, which means anyone curious enough can find out what you owned and who got it. Your family’s paying court fees during this time, possibly attorney costs too.
How Living Trusts Work Differently
A living trust is a legal entity you create while you’re still alive. You transfer ownership of your assets into it, but you’re still in complete control as the trustee. You can change it anytime. You can revoke it completely if you want. As a Butte estate planning lawyer can explain, when you die, your successor trustee distributes everything according to your instructions. No probate. The process happens privately, typically much faster than probate, and it’s considerably less of a headache for your family. There’s another benefit people don’t always think about. If you become incapacitated, your successor trustee can step in immediately and manage trust assets on your behalf. No need for a court-appointed conservator or emergency hearings.
Comparing The Real Costs
Wills cost less upfront. A straightforward will with an attorney might run you a few hundred dollars. Living trusts require more work initially since we’re drafting the trust document and helping you transfer assets into it. That often runs several thousand dollars. But here’s where it gets interesting. Probate expenses can dwarf what you’d spend on a trust. Montana probate fees, executor compensation, and legal costs add up fast, especially if you own real estate or have business interests. A Butte estate planning lawyer can run the numbers for your specific situation and show you which makes better financial sense.
When A Will Makes Sense
You might stick with a will if you:
- Have a relatively simple estate without a ton of assets
- Own most property jointly with your spouse
- Don’t mind that probate’s public
- Want to keep upfront costs down
- Have young children who need guardian designations (trusts can’t do this)
Plenty of younger families start with wills and switch to trusts later as they accumulate property or buy real estate in multiple states.
When A Living Trust Is Worth It
Consider a living trust if you:
- Own real estate in Montana and somewhere else (you’ll avoid multiple probate proceedings)
- Value privacy for your family
- Want continuity if you become disabled
- Have a blended family situation
- Own a business that needs uninterrupted management
- Want to skip probate’s delays entirely
We typically advise clients to start a trust if they have additional properties like rentals or vacation properties. However, if they possess extensive investments, we will recommend a trust in that case as well. The money they save by avoiding probate easily justifies the cost of building a trust.
The Middle Ground Option
You don’t have to pick just one. Lots of Montana residents use both documents together. A “pour-over will” works alongside your trust, catching assets you forgot to transfer during your lifetime. Those assets “pour over” into the trust after you die. This combination gives you probate avoidance for everything in your trust while providing a backup for anything you missed.
What you need depends on what you own, who you’re leaving it to, and what matters most to your family. Privacy matters to some people. Others care more about upfront costs. Timing’s important. Complexity plays a role, too. At Silverman Law Office, PLLC, we look at your specific circumstances before recommending anything. Sometimes a will’s perfectly fine. Other times, a trust saves your family considerable time, money, and stress later on. We’ll walk you through both options and explain exactly what each means for your Montana estate. Contact our team when you’re ready to talk through which approach fits your family best.