Will vs Trust: Which One Actually Protects Your Family? (A Doctor Explains)

Do you need a will or a living trust? What's the difference? Can you have both? And what happens if you have neither? In this video, I break down the two most fundamental tools in estate planning, which are the last will and testament and the revocable living trust. I cover what each one does, how probate works (and what it costs), incapacity protection, control over asset distribution, real cost comparisons, the biggest mistake people make with trusts, and how estate planning works in certain countries like the UK, Canada, and Australia. Whether you're starting from scratch or reviewing what you already have, this video will help you understand which tool fits your situation and why most estate planners recommend having both. TIMESTAMPS: 00:00 Wills vs Trusts Overview 01:43 What a Will Does 02:33 How Living Trusts Work 03:22 Probate Costs and Delays 05:10 If You Have Nothing 05:38 Incapacity Planning 06:47 Control Your Inheritance 07:59 Costs and Real Math 09:37 Revocable vs Irrevocable 10:54 The Trust Funding Trap 12:14 Do You Need Both 13:35 Trusts Aren't Just Rich 14:21 Estate Planning Worldwide 17:19 Final Checklist and Wrap Sources: National Council on Aging, Charles Schwab, RBC Wealth Management, Creative Planning, Guardian Life, SmartAsset, House of Commons Library, International Bar Association 📌 Related: Helping Your Aging Parents Get Their Documents in Order —    • I'm a Doctor and I'm Having This Uncomfort...   📌 Related: Power of Attorney Explained —    • The Legal Document That Could Save Your Fa...   🔔 Subscribe for more on legacy planning, end-of-life preparation, and protecting the people you love. #WillVsTrust #EstatePlanning #LivingTrust #LastWill #DrBunchessa #LegacyPlanning #Probate #EndOfLifePlanning