Do I Need a Will or a Trust? Here’s Why the Answer Is Yes

When it comes to estate planning, one of the most common questions we hear is:
“Do I need a will, a trust, or both?”

The short answer? Yes.
Regardless of your age, wealth, or family situation, creating a will, a trust, or both is one of the most important steps you can take to protect your legacy and your loved ones.

Why Wills and Trusts Matter—For Everyone

A will outlines your wishes for how your assets should be distributed when you pass away. It can also designate guardians for your children, name an executor, and express your funeral preferences.

A trust, on the other hand, provides added control. It allows you to manage and protect your assets—during your life and after—while helping your family avoid probate, the public and often time-consuming court process that’s required when no legal plan is in place.

You don’t need to be wealthy to benefit from a will or trust.
Even modest estates can face delays, unnecessary legal costs, and confusion without a plan.

Planning for Your Digital Life

Think about everything you have online:

  • Cloud photo storage

  • Email accounts

  • Social media profiles

  • Online payment platforms like PayPal or Venmo

  • Online banking and investment accounts

Without a clear plan, your loved ones could lose access to all of it.
Your estate plan should include instructions for how to manage or delete your digital presence and who has the right to access it.

Avoid Medicaid Recovery After Long-Term Care

If you rely on Medicaid to cover nursing home care, the government may try to recover those costs after you pass away—often from your remaining assets.

This means:

  • Your loved ones may be forced to sell your home

  • Your bank accounts could be used to repay the state

  • Your intended legacy could be diminished

The right estate plan—especially one that includes a trust—can help prevent or limit Medicaid estate recovery, depending on your state laws.

Retirement Accounts & Tax Surprises

Inheriting a retirement account isn’t always tax-free. Beneficiaries may have to pay income taxes based on:

  • The type of account (Traditional IRA, 401(k), etc.)

  • Their tax bracket at the time of inheritance

  • How quickly the funds are withdrawn

A strategic estate plan can help protect your retirement savings and reduce the tax burden on your heirs.

Maintain Control and Protect What You’ve Built

Without a plan, state law—not you—decides who inherits your assets.
With a properly drafted will or trust, you can:

  • Ensure both your current spouse and children from a prior marriage are provided for

  • Protect inheritances from lawsuits, divorce, or poor financial choices

  • Prevent wealth from being misused or mismanaged

Studies show that 70% of family wealth is gone by the second generation, and 90% is gone by the third.¹
With thoughtful planning, you don’t have to be part of that statistic.

What Happens If You Don’t Have a Plan?

Without a legally valid estate plan:

  • Your loved ones may face probate delays

  • The court, not you, will decide who inherits what

  • Your digital accounts and assets could be lost or inaccessible

  • The state may recover Medicaid expenses from your estate

  • Your family could face unnecessary taxes or conflict

Start Your Estate Plan Today

At Alperin Law & Wealth, we help individuals and families create custom wills, trusts, and complete estate plans that protect everything you’ve worked for.

Whether you're just getting started or need to update an existing plan, we're here to guide you every step of the way.

Protect your family, your assets, and your legacy.
Call 757-490-3500 to Schedule a Consultation with our estate planning team today. 

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