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A Kiplinger report by wealth planners Shelby Anderson and Patrick Schultz says choosing between a will and a revocable living trust depends on a family’s priorities, assets and willingness to handle planning work during life. A trust may help avoid probate for assets properly placed in it, but families using one still generally need a will as a safety net.
Kiplinger has published guidance from wealth planners Shelby Anderson and Patrick Schultz on how families can decide whether to use a will, a revocable living trust or both. The report says the choice turns less on wealth alone than on priorities such as probate, privacy, access to money and how much work a family is prepared to do while the person making the plan is alive.
A will can state who should inherit property and who should manage an estate, but it generally does not avoid probate, the court-supervised process for settling a person’s affairs. The report says probate can be slow, costly and public, although the process varies by state. A person named as executor in a will does not automatically have legal authority; according to the report, that authority follows the court’s appointment through probate.
A revocable living trust can direct how assets held in the trust are managed and distributed, and may allow those assets to pass outside probate. That depends on the trust being properly funded: assets generally need to be transferred into it or otherwise arranged to reach it. The report says a trust-based plan should also include a will as a catch-all safety net for property left outside the trust, directing that property into the trust for distribution under its terms.
The planners suggest asking how quickly surviving family members may need access to assets, whether the person making the plan prefers to complete administrative work now or leave more work for heirs, and how much privacy matters. The report notes that probate records can include an inventory of assets that is public in many states. It also says trusts are not exclusively for wealthy families, while distinguishing revocable living trusts from other, more specialized trust arrangements that may be used in particular circumstances.
How Probate Shapes Family Planning
The decision can affect how a family handles practical matters after a death, including access to funds for bills and the visibility of estate records. If assets must pass through probate, the process may add time and administrative steps before the estate is settled. A trust can change that path for assets placed in it, but it requires planning and follow-through before death.
The report frames this as a trade-off rather than a universal recommendation: doing more work to establish and maintain a trust may reduce some burdens for heirs, while a will-centered plan may be preferable for people whose priorities or circumstances differ. Since probate rules and costs vary by state, the practical effect cannot be assumed to be the same for every household.
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Why Trusts Still Need Wills
The report distinguishes a will-only plan from a plan built around a revocable living trust. In the first, the will is the primary document directing distribution. In the second, the trust holds the main distribution instructions, while a will can direct overlooked or untransferred property into the trust. That backstop matters because account ownership and beneficiary designations may not have been updated as intended.
Anderson and Schultz say many people use the word “trust” to mean a revocable living trust, though other types exist. Their discussion is focused on that common planning tool, not a detailed guide to specialized trusts, state-specific law or individual tax outcomes. The source identifies the authors as senior wealth planners at Clark Capital Management Group who work with clients’ legal and tax advisers.
“If your plan is built around a revocable trust, you still need a will.”
— Shelby Anderson and Patrick Schultz, as described in the Kiplinger report
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State Rules and Costs Vary
The supplied report does not give a publication date, state-by-state probate timelines or cost estimates, or a comparison of the fees and administrative demands involved in establishing and maintaining a trust. It also does not assess any particular family’s assets, beneficiary designations, tax position or legal needs. Whether probate can be avoided for a particular asset depends on how that asset is owned and the applicable rules; the general description is not a guarantee about an individual estate.
The report presents planning considerations but does not establish that one approach is better for all households. Readers would need advice suited to their state and circumstances to determine how a will or trust would operate for them.
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Review Assets and Planning Documents
The next practical step, based on the report’s guidance, is to review how property and accounts are currently titled, check beneficiary designations, and identify who may need access to money after a death. Families considering a trust should account for the work of transferring eligible assets and keeping records current; those relying on a will should understand the local probate process and court appointment requirements.
Because the source stresses that state procedures and family circumstances differ, people weighing these options can discuss their plans with an estate-planning attorney and relevant tax or financial advisers. The report does not announce a policy change or a new legal deadline; the decision remains dependent on each family’s needs and applicable law.
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Key Questions
Does having a will avoid probate?
Generally, no. The Kiplinger report says a will normally goes through probate, a court-supervised process. Procedures, costs and timelines vary by state.
Can a family have both a will and a trust?
Yes. The report says people using a revocable living trust still generally need a will. The will can serve as a safety net for probate assets left outside the trust, directing them into it under its terms.
Does a trust automatically cover all of someone’s assets?
No. Assets generally need to be transferred into the trust or arranged to pass to it. The report warns that property left outside a trust may still need to be handled through probate.
Are trusts only for wealthy families?
The planners reject that as a general misconception about revocable living trusts. Whether a trust makes sense depends on a family’s priorities, assets and willingness to complete the setup and maintenance work, not wealth alone.
What should families weigh when choosing?
The report points to how soon loved ones may need assets, how much privacy matters, and whether the person making the plan prefers to handle more work during life or leave it to heirs. Local probate rules and individual circumstances also matter.
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