Wills vs Trust vs POA Comparison
Will: $200-500, probate required, takes effect at death. Trust: $1500-5000, no probate, takes effect now + manages assets. POA: $200-500, for incapacity not death.
| Estate value | — |
| Will cost (upfront) | — |
| Trust cost (upfront) | — |
| Probate cost (heirs) | — |
| Will + probate total | — |
| Trust savings | — |
| Recommendation | — |
Each estate planning document serves different purposes: Will (post-death distribution, requires probate), Living Trust (manages assets during life + post-death, avoids probate), Power of Attorney (medical and financial decisions during incapacity). Most adults need all three.
When to Use a Will
Estate under $200K. No real estate in high-probate state (CA, FL, NY). Simple family structure. Wants public probate record (creditors notice). Easy revisions. Most basic — but still requires probate (4-8 months, $2K-$30K depending on state).
When to Use a Living Trust
Estate over $200K. Real estate in CA/FL/NY (avoid expensive probate). Want privacy (trust is private; will is public). Multiple beneficiaries with complex distribution. Out-of-state property. Incapacity planning (trustee manages while you're alive).
Power of Attorney Critical
POA: legal authority for someone to make financial/medical decisions if you're incapacitated. Without POA + you're in coma → family needs court-appointed guardian (expensive, slow). General POA: financial. Healthcare POA / advance directive: medical decisions. Both essential.
Last updated May 2026. Sources: ABA Estate Planning.