Do I Need a Will or a Trust? Why Estate Planning Can’t Wait

According to the AARP, only 4 in 10 American adults have completed end-of-life planning. That means the majority of people are leaving their families unprepared for one of life’s most important transitions.

At Willingham Law Firm, P.C., we’re here to change that. Elder law attorney Taylor Willingham recently sat down to discuss his new book, “Do I Need a Will or a Trust?”, and why so many people delay getting their affairs in order.

“I Haven’t Done It Yet Either”—Why You’re Not Alone

Estate planning can feel overwhelming—emotionally and financially. Even Taylor, an experienced estate planning attorney, admitted it took him two years in practice to finally get his own documents done.

“I’m surprised more people have done it, honestly. Planning for what happens after you’re gone isn’t easy—it’s not fun to think about. But it’s essential.”

The takeaway? If you haven’t done your planning yet, you’re not alone—but it’s time to get started.

Who Should Have a Trust?

Many people wonder whether they need a will, a trust, or both. Here’s a quick guide:

You likely need a trust if you:

1. Are part of a blended family  Without proper planning, state law may exclude your spouse and leave everything to children from a previous relationship—creating tension, legal battles, and heartbreak.

2. Are over age 65  Estate planning is especially important as you approach or enter retirement. A trust can help prepare for nursing home costs, incapacity, or long-term care.

3. Manage the affairs of someone who is incapacitated  If you are responsible for someone who cannot handle their own finances—whether due to disability or aging—you need legal tools in place to protect them.

Will vs. Trust: What’s the Difference?

There’s a lot of confusion surrounding wills and trusts, often because lawyers talk about them interchangeably. But they serve very different purposes.

• A Will is like a death deed. It names an executor and tells the court who should inherit your assets after you pass away.

• A Trust is a living legal structure that separates legal and equitable ownership of assets. It allows your estate to bypass probate, control distribution over time, and protect assets from certain liabilities, such as long-term care costs.
  

“They’re not the same thing. A trust does far more than just name beneficiaries—it manages and protects assets while you’re alive and after you pass.”

What Happens If You Don’t Plan?

Failing to plan can leave your family vulnerable to:

• State laws deciding who gets what, often to the surprise and detriment of spouses or stepchildren.

• Costly legal battles between surviving family members.

• Losing eligibility for Medicaid and other benefits due to poor asset planning.

• Heirs being disinherited unintentionally because relationships change and evolve.

One of the biggest issues Taylor highlighted? Blended families. Without a proper plan, your assets might skip your current spouse entirely and go directly to children from a prior relationship—or vice versa.

“I Can’t Afford It” — Options for Every Budget

Taylor acknowledges that many people delay estate planning because of cost—but there are affordable options and flexible solutions available.

• Attorney insurance may be available through your employer. Check with HR to see if this benefit exists.

• Many law firms—including Willingham Law Firm—offer payment plans so you can get started now and pay over time.

• The cost of planning ranges from $500 to $20,000, depending on the complexity. But compared to what you stand to lose without it, the investment is well worth it.

Long-Term Care: Trusts Can Save You Thousands

A key insight from Taylor’s book is how trusts can protect your assets from being drained by long-term care costs.

“If you’re over 70, or you’re planning for a parent who is, a trust can save hundreds of thousands of dollars. That’s money you can preserve for your family’s future instead of spending down to qualify for care.”

Takeaway: Estate Planning Isn’t Just About Death—It’s About Control

Estate planning isn’t about fear—it’s about freedom and peace of mind. Whether you're protecting your spouse, your children, or your hard-earned assets, the right documents give you control over the future.

Get the Book — Get Started

Want a simple, straightforward guide to help you decide what’s right for you? Pick up a copy of Taylor Willingham’s book, “Do I Need a Will or a Trust?” It breaks down the myths, explains the differences, and shows how to protect what matters most.

And when you’re ready, Willingham Law Firm, P.C. is here to walk you through the process—compassionately, clearly, and at a pace that works for you.

📞 Call us today to schedule your estate planning consultation. 📘 Ask about our book and get your copy when you come in!