The Benefits of Creating a Will vs. a Trust

Helping West Michigan Families Protect Their Wealth and Legacy

When it comes to estate planning, one of the most common questions we hear from clients is: “Do I need a trust, or is a will enough?” Both tools serve an important role in wealth transfer, but they offer different benefits depending on your financial goals, family structure, and long-term intentions.

For high-net-worth individuals and families in West Michigan, understanding the distinction between a trust and a will is key to building a plan that protects your assets, reduces potential tax burdens, and ensures your legacy is passed on according to your wishes.

At Grand Wealth Management, we believe thoughtful estate planning is a vital part of your overall financial strategy and a critical step in The Grand Wealth Management Process™.
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What Is a Will?

A will is a legal document that outlines how you want your assets to be distributed after your death. It also allows you to name guardians for minor children and appoint an executor to carry out your wishes.

Benefits of a Will:

• Simple and relatively inexpensive to create

• Allows you to specify asset distribution

• Names guardians for children

• Ensures clarity on your final wishes

Limitations of a Will:

• Must go through probate, a public legal process that can be time-consuming and costly

• Does not provide privacy

• Only takes effect after death

• Offers limited protection for complex family or financial situations

For clients with straightforward estates and minimal assets outside of retirement accounts or life insurance, a well-crafted will may be sufficient.
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What Is a Trust?

A trust is a legal arrangement that allows a third party (the trustee) to manage and distribute your assets according to your instructions, both during your lifetime and after your death.

Benefits of a Trust:

• Avoids probate, ensuring a faster and more private transfer of assets

• Can provide ongoing control of how and when assets are distributed

• Useful for blended families, minor children, or beneficiaries with special needs

• Can include tax planning strategies to help reduce estate taxes

• Allows for incapacity planning, so you can appoint a trustee to manage your affairs if you become unable to do so

Limitations of a Trust:

• More complex and expensive to establish

• Requires active management, including retitling assets into the trust

• May not be necessary for very simple estates

For high-net-worth individuals and families, a trust often provides greater control, flexibility, and efficiency, especially when privacy and legacy planning are top priorities.
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Which Is Right for You?

Choosing between a trust and a will depends on your personal situation, family dynamics, and financial goals. In many cases, a combination of both may be appropriate, using a will to cover guardianship decisions and a trust to manage more complex wealth transfer needs.

At Grand Wealth Management, we collaborate with estate planning attorneys to help our clients build customized strategies aligned with their values, legacy goals, and overall financial plan. We believe estate planning isn’t just about documents – it’s about creating peace of mind for you and your loved ones.
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Integrated Estate Planning with The Grand Wealth Management Process™

Through The Grand Wealth Management Process™, we help West Michigan families ensure their estate planning is fully integrated with their tax strategy, investment approach, and retirement goals.

Our role is to simplify complexity, help you evaluate your options, understand the impact of each choice, and make confident, informed decisions about your legacy.
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Next Steps: Protect What Matters Most

Whether you’re just starting to think about estate planning or revisiting an outdated strategy, now is the time to take action. Creating a trust or will, paired with a thoughtful financial plan, ensures your wealth serves your loved ones in the way you intend.

Let’s start the conversation that sets you and your family up for long-term success.

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_{Disclosure: The opinions expressed herein are those of Grand Wealth Management (“GWM”) and are subject to change without notice. This article is for informational purposes only and does not constitute investment, financial, legal or tax advice, or an offer to sell any product. GWM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about GWM including our investment strategies, fees and objectives can be found in our Form ADV Part 2 and Form CRS, which are available upon request.}