A will and a trust are not necessarily competing solutions. They often address different aspects of the same succession objective.

A will generally records a person’s wishes after death and may appoint executors to administer the estate. A trust, depending on its terms and applicable law, can provide an ongoing framework for holding, managing and distributing assets to beneficiaries.

This distinction can be particularly relevant where a family wishes to provide for minor beneficiaries, distribute wealth in stages, preserve long-term investment assets or establish a more structured approach to family governance.

The key question is not whether a family should “choose a will or a trust”. It is whether the different documents work together. Inconsistencies between beneficiary nominations, will provisions, trust terms and asset ownership arrangements can create uncertainty at the very moment a family needs clarity.

Trusts should also not be presented as automatic tax shelters or guaranteed asset-protection mechanisms. Their suitability depends on the assets involved, the timing and purpose of the arrangement, the relevant jurisdictions and ongoing compliance obligations.

A family office’s role is to understand the family’s objectives first, then coordinate the appropriate legal, tax, trust and investment specialists around a coherent plan.

Question for discussion: Does your family’s will reflect the way its trusts, insurance policies and investment accounts are currently structured?

This post is for general information only and does not constitute legal, tax, investment or trust advice.