When it comes to planning for the future, one of the things we don’t really talk about enough is what happens when we pass. A lot of people don’t fully understand the options, and there’s a lot of confusion around the world of estate planning—especially when it comes to the difference between a will and a trust.
In my experience working with families around the Four Corners, I’ve learned that most people want two things: clear information and confidence that their legacy will last. That’s what this article is about. We’ll cover the four main differences between a trust and a will, giving you a simple starting point to make the best decision for your family. And if questions come up beyond this overview, I’m always here to dive deeper with you.
1. Probate Process
Will: In Colorado, a will must go through probate, which is a court-supervised process to validate the will and distribute assets. By law, any estate over $80,000 will go through probate even if you have a will. Probate can take 6 months to a year, and legal and court fees can run 8–12% of your estate. This process is also public, meaning anyone could see the details of your estate.
Trust: A properly funded trust will bypass probate — your assets transfer directly to your beneficiaries without court delay. It is faster, stays private, and will save money in the long run. A trust also guarantees continuity: if you become incapacitated, for example through dementia, Alzheimer’s, or another serious illness, the person you name can immediately step in to manage your assets and make decisions. No probate, no guardianship court, no conservatorship court. Make your choices today so your wishes are honored and the government stays out of your family’s business.
2. Control and Flexibility
Will: A will only takes effect after your death, and until then, everything remains in your name. That means your assets can be counted against you if you need Medicaid, long-term care, or if you are ever sued. It simply directs who gets what after you’re gone.
Trust: A trust, on the other hand, gives you control during your life and after death. Legally, it looks like you own nothing but you still control everything. This protection can help shield your assets from being used up if you need nursing home care, qualify for Medicaid, or face a lawsuit. Plus, you can designate someone to manage finances if you become incapacitated and set conditions for how and when your beneficiaries receive assets.
3. Privacy
Will: A will goes through probate and becomes part of the public record. That means anyone can see the details, and worse, almost anyone can contest it. This often leads to unnecessary family drama, delays, and added costs.
Trust: A trust stays private. If you’re not listed as a beneficiary, you legally cannot access or contest it. This privacy helps protect your family, minimize disputes, and ensure your wishes are carried out without interference.
4. Asset Protection and Planning for the Future
Will: A will provides basic directions about who gets what, but it has major limitations. Everything is usually paid out in lump sums to beneficiaries after probate. That means there’s no protection from creditors, lawsuits, poor money management, or long-term care costs. Once the money is handed over, it’s out of your control.
Trust: A trust gives you control during your life and long after you’re gone. You can decide not only who inherits, but also when, how, and under what circumstances. For example, you can delay distributions until children reach a certain age, provide ongoing support for a loved one with special needs, or release funds gradually to encourage financial responsibility. Certain types of trusts can also protect assets from lawsuits and help with long-term care planning. With this flexibility, you’re setting your family up for long-term success—not just handing them a lump sum and hoping for the best.
A will is always a smart first step in estate planning—you need something written down to guide your family. But a trust goes further, providing long-term support, privacy, and flexibility that a will simply cannot. With a trust, it only takes one family member to set the foundation for generational wealth and make the process of closing an estate far easier for loved ones.
At Foundational Wealth Partners, we create attorney-drawn, state-specific estate plans designed for Colorado families. Each plan includes not just a trust but 12 essential legal documents to ensure every detail is covered. If you have questions about which option is right for you, I’m here to help you find the best path to protect your family and your legacy.
Let’s Connect
If you’re ready to explore whether a will or trust is the right fit for your family, let’s grab a coffee and talk through your options.
📩 kguerrero@fwpfinancial.com | 📞 719-252-0472
Follow me on Instagram for free financial tips: @foundationalwealthpartners.dgo