Wills vs. Trusts: Which Is Best to Protect Your Children's Future?

For parents, few responsibilities carry as much weight as planning for your children’s future. While we all hope to be there for every milestone, the unexpected can leave families vulnerable if no legal plans are in place. At Bascom Law, we’ve helped countless parents navigate these deeply personal decisions. The goal is always the same: to create an estate plan that ensures your children are cared for emotionally, physically, and financially if the unthinkable happens.

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Two of the most common estate planning tools are wills and trusts. Both offer important protections, but they serve different purposes. Understanding how they work, and how they can work together, is a crucial step in safeguarding your family’s future.

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Wills: A Critical Foundation for Guardianship and Basic Asset Distribution

A will is often the first step in an estate plan. It allows you to specify who will receive your assets and, most importantly for parents, who will be the legal guardian of your minor children if something happens to you. Without a legally binding will, that decision may be left up to the courts.

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At Bascom Law, we frequently emphasize to our clients that a will ensures your wishes are known and honored—but there are limitations. Assets passed through a will must go through probate, which can be a lengthy and public legal process. Probate can also tie up funds that your children might need access to quickly, potentially creating unnecessary delays and stress at an already difficult time.

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Trusts: Greater Control and Long-Term Protection

A trust offers additional layers of control and protection that a simple will cannot. Trusts allow you to set terms for how and when assets are distributed, offering long-term financial oversight—especially valuable when planning for minor children or children with special needs.

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For example, a revocable living trust allows parents to place assets into the trust during their lifetime. If something happens, a trustee you’ve appointed steps in immediately to manage those assets for the benefit of your children. There’s no probate, and distributions can happen according to a schedule you determine—whether that’s to cover education, healthcare, or living expenses.

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At Bascom Law, we often recommend special needs trusts for families with children who rely on government benefits. A properly structured special needs trust can provide supplemental support without jeopardizing eligibility for essential services like Medicaid or Supplemental Security Income (SSI).

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How to Decide What’s Right for Your Family

Both Wills and Trusts play vital roles in an estate plan, and many families use both. A will names guardians and can distribute smaller personal items or assets. Trusts manage larger assets, offer privacy, and avoid probate.

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Here are a few questions we encourage parents to ask during consultations:

• Who would you want to care for your children if you couldn’t?
• How would you want assets to be used for their care, education, and future needs?
• Are you concerned about how and when your children receive their inheritance?
• Do you have a child with special needs who requires additional protection and planning?

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Practical Steps Parents Can Take Today

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1. Start with a Guardian Appointment in Your Will

Naming a guardian for minor children is one of the most important decisions you can make. A legally binding Will is the best way to ensure your wishes are considered by the courts.

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2. Consider a Trust to Manage and Protect Assets

Trusts are ideal for ensuring that any assets you leave behind are handled responsibly. You can set conditions and instructions for how and when those assets are used, and who will carry out these wishes.

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3. Update Your Plan Regularly

As life changes—whether that’s through new children, changing financial circumstances, or evolving family dynamics—your estate plan should reflect those changes. At Bascom Law, we recommend reviewing your plan every three to five years.

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Conclusion

As parents, the peace of mind that comes from knowing your children will be cared for—no matter what the future holds—is invaluable. Wills and trusts aren’t just legal documents; they’re expressions of your love and responsibility. At Bascom Law, we focus on helping parents navigate these complex decisions with compassion and clarity. Whether you’re starting from scratch or need to update an existing plan, our team is here to ensure your family’s future is secure.

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To learn more about protecting your children's future through comprehensive estate planning, visit BascomLaw.com or call 770-285-5493 for a free consultation.

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Sources

Investopedia

Guardian Life

Fidelity Life

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