PLAIN-LANGUAGE ANALYSIS
What this guide is designed to clarify.
A will and a revocable living trust are not interchangeable products. A will directs probate property at death, while a trust provides instructions for property held in the trust during life and after death.
Many plans use both. The useful question is not which document is universally better, but which decisions, assets, and administrative needs each document should address. Rhode Island formalities and the way property is titled matter.
Key takeaways
01
A will can nominate an executor and address guardianship preferences
02
A trust governs only property connected to it
03
Beneficiary designations may control some accounts regardless of either document
04
Trust funding and document execution are separate steps
05
Individual legal and tax advice requires a review of your circumstances