Do you need a will or a trust?

Both say who gets what. The difference is what happens on the way there.

A will

A will is simple and inexpensive to write. After you die it goes through probate, a court process that can take months and is public.

A trust

A living trust costs more to set up, but property in it can pass to your family without probate, privately and often much faster.

Which one fits

• A will is often enough if you rent, have modest savings and your accounts already name beneficiaries.
• A trust is worth a look if you own a home, own property in more than one state, or have young children or a blended family.

Either way, the most important step is the first one. Most people put this off for years.