Estate planning is for anyone who wants to make sure their loved ones are protected and their wishes are honored. One of the most common questions we hear as an estate planning lawyer in Iowa is: “Do I really need both a will and a trust?”
The short answer? Maybe. It depends on your family, finances, and goals. While both documents are designed to manage and distribute your assets, they function differently. Understanding how they work together can help you make confident choices for your future.
What Is a Will?
A will, also known as a Last Will and Testament, is the cornerstone of most estate plans. It’s a legal document that outlines your final wishes, including who should receive your assets and who should care for any minor children.
A will allows you to:
- Name an executor (called a “personal representative” under Iowa law) to manage your estate after your passing.
- Designate guardians for children under age 18.
- Leave gifts to family, friends, or charitable organizations.
- Provide clear instructions for distributing personal items.
However, wills also have limitations. They only take effect after death and must go through probate in most cases. Probate is a court-supervised process that validates the will and oversees distribution. Probate in Iowa can take several months or more, and the will becomes part of the public record.
Also, Iowa law requires a valid will to be in writing, signed by at least two witnesses (or executed under rules for self-proved wills) by someone at least 18 years old and of sound mind. If you die without a will (intestate), Iowa’s law determines how your estate is divided.
What Is a Living Trust?
A living trust, also called a revocable trust, is a legal arrangement created during your lifetime where you transfer assets into a trust entity, which you often manage while you’re alive. You designate a successor trustee to take over if you become incapacitated or when you pass away.
Rather than waiting until death for everything to be resolved, a trust can help streamline things, especially if you might become unable to manage your affairs.
Benefits of a Living Trust
- Can Help to Avoid Probate: Assets held properly in trust can bypass probate or reduce the assets that must go through probate.
- Protects Privacy: With a trust, the details of your asset distribution may remain private—unlike a will, which becomes part of the public court record.
- Provides Continuity: A successor trustee can take over management if you become incapacitated, without a court-appointed guardian or conservator.
- Offers Flexibility: You generally can change a revocable trust while you’re alive.
- Allows More Control: You can specify when and how beneficiaries receive assets (for example, at certain ages or milestones).
One note specific to Iowa: While living trusts are widely used, they don’t eliminate the need for a well-structured plan. Even with a trust, you may still use a “pour-over will” that catches any assets not transferred into the trust.
Do You Need Both a Will and a Trust?
Many Iowans find that having both a will and a trust offers the strongest protection, but that doesn’t mean everyone needs both. Here’s a simplified comparison:
| A Will May Be Enough If… | A Trust May Be Better If… |
| Your estate is small or straightforward. | You want to avoid probate and keep things private. |
| You mainly need to name guardians for minor children. | You own property in more than one state. |
| You’re comfortable with your estate going through the court process. | You want someone to manage your assets if you become unable to. |
| You don’t have complex family or financial situations. | You’d like to control how and when loved ones receive their inheritance. |
In many cases, the best strategy is both: a well-drafted will to name guardians and handle anything outside the trust, and a trust to manage and distribute your main assets efficiently and privately.
Key Takeaways
- Wills and trusts serve different but complementary purposes.
- A will directs final wishes, names guardians, and distributes personal assets under Iowa law.
- A living trust offers flexibility, privacy, and continuity for asset management and distribution.
- Many Iowans benefit from having both a will for guardianship and a trust for efficient asset management.
- Reviewing your estate plan every three to five years (or after major life changes) helps ensure it remains effective.
Working with a skilled estate planning lawyer in Iowa helps you build a plan that fits your family’s unique situation and gives you peace of mind.
Review Your Estate Plan Today
At Pearson Bollman Law, we believe every Iowa individual and family deserves a plan that reflects their values and protects their future. Whether you’re just beginning your estate plan or looking to update an existing one, we’re here to walk you through each step with clarity and compassion.
If you’re ready to take action or if you simply have questions and want to explore your options, request a consultation today.
References: Iowa Legal Aid — Wills and Probate Questions & Answers Iowa Legal Aid and Iowa Judicial Branch — Probate FAQ Iowa Courts and Iowa Bar Association — Legal Info Probate Iowa State Bar Association