Revocable Living Trusts vs. Wills: Which One Is Right for You in Iowa?

When it comes to planning for the future, most Iowans know they should have a will. What many do not realize is that a revocable living trust can sometimes be a better option. Both tools allow you to decide who inherits your property, but they work in very different ways. Understanding the differences can help you choose the right path for your family.

What Is a Will?

A will is a legal document that explains how you want your property distributed after your death. In Iowa, a will must go through the probate court process. This means:

• The court oversees the distribution of your assets.
• Your executor, the person you name in your will, handles paperwork, debts, and taxes.
• Probate becomes part of the public record.

Wills are often the simplest estate planning tool, but they come with court involvement and can take months to complete.

What Is a Revocable Living Trust?

A revocable living trust is a legal arrangement where you transfer ownership of your property into a trust while you are alive. You still have complete control over your assets and can change or revoke the trust at any time. When you pass away, your successor trustee distributes your property to your beneficiaries without probate.



Key features of a revocable living trust include:

• Avoiding probate, which saves time and keeps matters private.
• Allowing for a smooth transition if you become incapacitated.
• Covering a wide range of assets, from real estate to bank accounts.

Wills vs. Trusts: The Main Differences in Iowa

• Probate: Wills must go through probate, while trusts generally do not.
• Privacy: Wills are public record. Trusts remain private.
• Incapacity planning: Wills only apply after death. Trusts can manage your affairs if you cannot.
• Complexity: Wills are straightforward and less expensive to set up. Trusts require more upfront work but often save costs later.

Which Option Is Right for You?

The right choice depends on your goals, family situation, and the size of your estate.

• If you want something simple and cost-effective, a will may be enough.
• If you want to avoid probate, keep your affairs private, or provide for a blended family, a trust might be the better option.
• Many Iowans choose a combination, using both a trust and a will to make sure every detail is covered.

The Next Step

Choosing between a will and a revocable living trust is not a one-size-fits-all decision. At Modern Counsel, we work with Iowa families to understand their needs and build an estate plan that gives them peace of mind.

If you are ready to talk about your options, contact us today to schedule a consultation.