Will vs Trust, Explained Like You're 5
A will goes to court. A trust doesn't. What that means for your house, your kids and your home overseas, in plain English.
A will goes to court. A trust doesn't.
What's up, Passport Heavy fam.
If you came here from the Michael and Tonya video, you heard Tonya say it: "I always thought you had to be rich to do a trust. You don't."
Michael and Tonya at the pool club, Mahogany Bay.
I used to think the same thing. Then I sat with 2 regular people, both near 60, with 10 grandkids and a villa in Belize. They set up a trust so none of it gets stuck in court.
They built their house in Belize, land included, for about $500,000. Today it's worth closer to $700,000. And it brings in about $75,000 a year in rental income. That's not just a house. That's something their grandkids can build on, but only if it gets passed down the right way.
Here's the hard truth. A lot of people do everything right, almost to the finish line. They buy the house. They build the income. Then they stop, because nobody wants to think about dying. But nobody gets out of here. If you care about what you built, you can't plan like you'll live forever.
Here's how it works, explained like you're 5. Then the grown-up details you actually need.
The toy box story
Grandma has a big toy box. She won't always be here, so she makes a plan.
Plan A: the will. She writes a note: "Give my red truck to Maya." But a note can't hand anything over. A judge has to read it, check it, and wait for anyone Grandma owed money. That waiting room is called probate. It can take a year or more. It costs money. And anyone can read the note.
Plan B: the trust. While Grandma is still here, she puts her toys in a box with a lock. She keeps the key and still plays with everything. She picks a helper and writes the rules on the lid: "The truck goes to Maya. The bike goes to Leo when he finishes school." When Grandma passes, the helper opens the box and follows the rules. No judge. No waiting. Nobody else reads the lid.
That's the whole difference:
A will goes through the court.
A trust goes around it.
The grown-up words:
Grantor: you, the person who sets it up.
Trustee: the helper. While you're alive, that's you.
Successor trustee: the backup helper who takes over later.
Beneficiaries: the people who get the toys.
Probate: the waiting room
Probate is the court process that checks a will, pays the debts and hands out what's left. It has 3 problems.
It's slow. In California it usually takes 9 to 18 months, sometimes longer. Creditors alone get 4 months to file claims. Most of that time, the house can't be sold.
It's expensive. California sets the fees by law, based on the home's full value, mortgage included. The executor and the lawyer each get paid. On a $500,000 house that's about $26,000 total. Other states cost less. None are free.
It's public. Probate files are public record. Anyone can look up what you owned and who got it.
In the video, they put it this way: with a will, "it might take a year for the court system in your state to actually transfer that property over to your daughter. And while all that's going on, your daughter has to pay mortgage to keep the house."
Tonya's point was simple: they want their family to keep the house and keep living, not sit in a waiting room.
What a trust does for you
Most families use a revocable living trust. You set it up while you're alive, you can change it anytime, and you stay in control of everything in it.
What you get:
It skips probate. Your helper passes things straight to your people.
It stays private. There's no public court file.
You set the rules. Not just who gets what, but when. Michael's example: a grandchild gets their share after they finish college.
It protects you while you're alive. If you get sick, your backup helper steps in to pay bills and manage things, no court needed. A will can't do that.
What it does not do:
It doesn't cut your taxes. And most people don't owe federal estate tax anyway. In 2026 it only applies above $15 million per person.
It doesn't hide money from people you owe.
It doesn't work if it's empty. More on that below.
Who holds the key? Picking your trustee
While you're alive, you hold the key. You run your own trust, same as today.
The real choice is your backup helper, the successor trustee. Most people pick a spouse, a grown child or a close friend.
Your spouse. Already knows everything. Catch: often your age, so name a backup too.
An adult child. Will be around long after you. Catch: pick the organized one, not the oldest one.
A trusted friend. Neutral when the kids don't get along. Catch: they have to be willing.
A professional, like a trust company or bank. Neutral and experienced. Catch: many want $500,000 to $1 million minimum and charge 0.5% to 1% a year, and some won't manage real estate.
What about your lawyer? Your lawyer writes the trust and advises your helper. They usually don't run it.
Rules of thumb:
Pick for character, not birth order.
Always name a backup.
Ask them first. Don't surprise anyone with this job.
Own in Belize? Your helper will need a local lawyer there too.
Will vs trust: the real numbers
One real example: a $500,000 home in California, the most expensive state for probate.
Will only: about $625 for the will. Then about $26,000 in court fees and 9 to 18 months of waiting.
Trust: about $500 online or $2,500 with a lawyer, plus $200 to $400 for a new deed. No court fees. Your family gets it in weeks.
That's why Tonya said you don't have to be rich. A trust matters more when you're not, because $26,000 is a bigger bite.
The quick compare:
Goes to court: Will yes. Trust no.
Public record: Will yes. Trust no.
Helps if you get sick: Will no. Trust yes.
Rules like age or school: Will barely. Trust yes.
Names a guardian for kids under 18: Will yes. Trust no.
Cuts federal estate tax: Neither.
Lawyer prices are national medians from Neptune. Online prices are from Trust & Will and LegalZoom.
Why most people never get this done
Here's what usually happens. People know they need a trust. Then they have to find a lawyer, book a meeting, take time off and pay about $2,500. So they put it off. For years.
But most families don't have a complicated situation. A house, some accounts, kids or grandkids. For that, you don't need to pay a lawyer $2,500 to fill in the same standard documents.
That's why online services like Trust & Will work so well. It's what I'd point most of you to:
It walks you through it. Plain-English questions online, step by step, at your own pace.
Built for your state. Your documents follow your state's rules.
The full package. The trust plan is $499 ($599 for couples) and includes the trust, a pour-over will, power of attorney and a healthcare directive.
A lawyer if you want one. Add attorney support for $299 to have a lawyer walk you through it. That's about $800 total, still about a third of the typical lawyer price.
Start your trust with Trust & Will: trustandwill.com
Good to know: there's a $49 yearly membership to keep making updates, the lawyer add-on isn't offered in every state, and trusts aren't available in Louisiana (CNBC review). If you have a business, a large estate or property in more than one country, use a local estate lawyer instead.
The 2 mistakes that make a trust useless
Mistake 1: building the box and leaving it empty. Signing a trust does nothing by itself. You have to move your stuff in: put the house deed in the trust's name and retitle your accounts. That's called funding the trust. An empty trust skips nothing. Budget $200 to $400 per property for the new deed.
Mistake 2: skipping the will. You still need one, for 2 reasons:
A pour-over will catches anything you forgot and sends it into the trust.
Guardians. Only a will can name who raises your kids under 18.
Bonus: retirement accounts and life insurance skip probate if they have a named beneficiary. Check yours today. An ex still listed on a 401(k) is a common, painful mistake.
If you own property in Belize
Your US trust follows US law. Your Belize home follows Belize law. A US court can't hand over land in another country. Do nothing, and your family could face probate in both places.
What Belize looks like:
Probate runs through the Supreme Court of Belize and takes 6 to 12 months on average.
Heirs abroad usually need someone in Belize with power of attorney.
The property can't be sold while probate is open.
Good news: Belize has no inheritance tax.
Think about Michael and Tonya's house. If it's stuck in probate for 6 to 12 months, their family can't sell it, and they may have to wait on the money it brings in too.
Michael and Tonya's home in Belize.
Already own in Belize? Do this now:
Make a Belize will for your Belize property. Sign it in front of 2 witnesses, and never use someone who inherits as a witness.
Make your 2 wills fit together. Each one should say it only covers its own country, so one doesn't cancel the other.
Ask a Belize lawyer whether holding the property through a company or trust makes sense for you.
Give your helper the lawyer's name now, not later.
Need a Belize lawyer? Consult a licensed estate lawyer in Belize before you make any moves on your Belize property. Your US lawyer can't do this part for you.
Thinking about buying in Belize? Check out ONDA Belize, the community where Michael and Tonya built their home. Have the will conversation before closing, not after.
So which one do you need?
For most of you, especially if you're 40+, own a home or have grandkids: a revocable living trust plus a pour-over will. Add a local will for any home overseas.
A will alone can be enough if you're young, you rent, and your money sits in accounts with named beneficiaries.
Your 7 steps:
Make a list. House, land abroad, bank and retirement accounts, life insurance, cars, businesses.
Pick your helper, and a backup.
Write your rules. Who gets what, and when.
Get it drafted. Online or with a lawyer (options below).
Fund the trust. New deed, retitled accounts.
Check your beneficiaries on every retirement account and policy.
Have the conversation. Tell your family where the papers are and who the helper is. Tonya's point: most family wealth is gone by the second generation, because nobody talks about it.
Where to get this done
Trust & Will: the easiest option for most families (see above). trustandwill.com
LegalZoom: trusts from $399, or $549 with a year of unlimited 30-minute lawyer calls. Good if you want a lawyer on call.
A local estate lawyer: best if you have a business, a big estate or property in more than 1 country.
Disclosure: some links in this post are affiliate links. I may earn a commission if you sign up, at no extra cost to you.
I'm not a lawyer, and this isn't legal or tax advice. Rules change by state and country, so talk to a licensed estate planning lawyer before you sign anything.
If this helped, sign up for the newsletter on this page so you get the next breakdown first.
See Michael and Tonya's home
Want to see more of Belize? Watch our Belize journey on YouTube.
And if you want to see what all this planning is protecting, you can stay there. Michael and Tonya rent out their home in Belize. If it's open for your dates, book it on Airbnb and support them directly.
Sources
Don't miss a thing!
Don't miss a thing as we explore better ways to travel, live, and invest around the world.
Featured Posts
Subscribe to our newsletter
Subscribe to our free weekly newsletter that features the best of travel, investment, and culture of the cities you love the most.
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Will vs Trust, Explained Like You're 5
A will goes to court. A trust doesn't. What that means for your house, your kids and your home overseas, in plain English.
A will goes to court. A trust doesn't.
What's up, Passport Heavy fam.
If you came here from the Michael and Tonya video, you heard Tonya say it: "I always thought you had to be rich to do a trust. You don't."
Michael and Tonya at the pool club, Mahogany Bay.
I used to think the same thing. Then I sat with 2 regular people, both near 60, with 10 grandkids and a villa in Belize. They set up a trust so none of it gets stuck in court.
They built their house in Belize, land included, for about $500,000. Today it's worth closer to $700,000. And it brings in about $75,000 a year in rental income. That's not just a house. That's something their grandkids can build on, but only if it gets passed down the right way.
Here's the hard truth. A lot of people do everything right, almost to the finish line. They buy the house. They build the income. Then they stop, because nobody wants to think about dying. But nobody gets out of here. If you care about what you built, you can't plan like you'll live forever.
Here's how it works, explained like you're 5. Then the grown-up details you actually need.
The toy box story
Grandma has a big toy box. She won't always be here, so she makes a plan.
Plan A: the will. She writes a note: "Give my red truck to Maya." But a note can't hand anything over. A judge has to read it, check it, and wait for anyone Grandma owed money. That waiting room is called probate. It can take a year or more. It costs money. And anyone can read the note.
Plan B: the trust. While Grandma is still here, she puts her toys in a box with a lock. She keeps the key and still plays with everything. She picks a helper and writes the rules on the lid: "The truck goes to Maya. The bike goes to Leo when he finishes school." When Grandma passes, the helper opens the box and follows the rules. No judge. No waiting. Nobody else reads the lid.
That's the whole difference:
A will goes through the court.
A trust goes around it.
The grown-up words:
Grantor: you, the person who sets it up.
Trustee: the helper. While you're alive, that's you.
Successor trustee: the backup helper who takes over later.
Beneficiaries: the people who get the toys.
Probate: the waiting room
Probate is the court process that checks a will, pays the debts and hands out what's left. It has 3 problems.
It's slow. In California it usually takes 9 to 18 months, sometimes longer. Creditors alone get 4 months to file claims. Most of that time, the house can't be sold.
It's expensive. California sets the fees by law, based on the home's full value, mortgage included. The executor and the lawyer each get paid. On a $500,000 house that's about $26,000 total. Other states cost less. None are free.
It's public. Probate files are public record. Anyone can look up what you owned and who got it.
In the video, they put it this way: with a will, "it might take a year for the court system in your state to actually transfer that property over to your daughter. And while all that's going on, your daughter has to pay mortgage to keep the house."
Tonya's point was simple: they want their family to keep the house and keep living, not sit in a waiting room.
What a trust does for you
Most families use a revocable living trust. You set it up while you're alive, you can change it anytime, and you stay in control of everything in it.
What you get:
It skips probate. Your helper passes things straight to your people.
It stays private. There's no public court file.
You set the rules. Not just who gets what, but when. Michael's example: a grandchild gets their share after they finish college.
It protects you while you're alive. If you get sick, your backup helper steps in to pay bills and manage things, no court needed. A will can't do that.
What it does not do:
It doesn't cut your taxes. And most people don't owe federal estate tax anyway. In 2026 it only applies above $15 million per person.
It doesn't hide money from people you owe.
It doesn't work if it's empty. More on that below.
Who holds the key? Picking your trustee
While you're alive, you hold the key. You run your own trust, same as today.
The real choice is your backup helper, the successor trustee. Most people pick a spouse, a grown child or a close friend.
Your spouse. Already knows everything. Catch: often your age, so name a backup too.
An adult child. Will be around long after you. Catch: pick the organized one, not the oldest one.
A trusted friend. Neutral when the kids don't get along. Catch: they have to be willing.
A professional, like a trust company or bank. Neutral and experienced. Catch: many want $500,000 to $1 million minimum and charge 0.5% to 1% a year, and some won't manage real estate.
What about your lawyer? Your lawyer writes the trust and advises your helper. They usually don't run it.
Rules of thumb:
Pick for character, not birth order.
Always name a backup.
Ask them first. Don't surprise anyone with this job.
Own in Belize? Your helper will need a local lawyer there too.
Will vs trust: the real numbers
One real example: a $500,000 home in California, the most expensive state for probate.
Will only: about $625 for the will. Then about $26,000 in court fees and 9 to 18 months of waiting.
Trust: about $500 online or $2,500 with a lawyer, plus $200 to $400 for a new deed. No court fees. Your family gets it in weeks.
That's why Tonya said you don't have to be rich. A trust matters more when you're not, because $26,000 is a bigger bite.
The quick compare:
Goes to court: Will yes. Trust no.
Public record: Will yes. Trust no.
Helps if you get sick: Will no. Trust yes.
Rules like age or school: Will barely. Trust yes.
Names a guardian for kids under 18: Will yes. Trust no.
Cuts federal estate tax: Neither.
Lawyer prices are national medians from Neptune. Online prices are from Trust & Will and LegalZoom.
Why most people never get this done
Here's what usually happens. People know they need a trust. Then they have to find a lawyer, book a meeting, take time off and pay about $2,500. So they put it off. For years.
But most families don't have a complicated situation. A house, some accounts, kids or grandkids. For that, you don't need to pay a lawyer $2,500 to fill in the same standard documents.
That's why online services like Trust & Will work so well. It's what I'd point most of you to:
It walks you through it. Plain-English questions online, step by step, at your own pace.
Built for your state. Your documents follow your state's rules.
The full package. The trust plan is $499 ($599 for couples) and includes the trust, a pour-over will, power of attorney and a healthcare directive.
A lawyer if you want one. Add attorney support for $299 to have a lawyer walk you through it. That's about $800 total, still about a third of the typical lawyer price.
Start your trust with Trust & Will: trustandwill.com
Good to know: there's a $49 yearly membership to keep making updates, the lawyer add-on isn't offered in every state, and trusts aren't available in Louisiana (CNBC review). If you have a business, a large estate or property in more than one country, use a local estate lawyer instead.
The 2 mistakes that make a trust useless
Mistake 1: building the box and leaving it empty. Signing a trust does nothing by itself. You have to move your stuff in: put the house deed in the trust's name and retitle your accounts. That's called funding the trust. An empty trust skips nothing. Budget $200 to $400 per property for the new deed.
Mistake 2: skipping the will. You still need one, for 2 reasons:
A pour-over will catches anything you forgot and sends it into the trust.
Guardians. Only a will can name who raises your kids under 18.
Bonus: retirement accounts and life insurance skip probate if they have a named beneficiary. Check yours today. An ex still listed on a 401(k) is a common, painful mistake.
If you own property in Belize
Your US trust follows US law. Your Belize home follows Belize law. A US court can't hand over land in another country. Do nothing, and your family could face probate in both places.
What Belize looks like:
Probate runs through the Supreme Court of Belize and takes 6 to 12 months on average.
Heirs abroad usually need someone in Belize with power of attorney.
The property can't be sold while probate is open.
Good news: Belize has no inheritance tax.
Think about Michael and Tonya's house. If it's stuck in probate for 6 to 12 months, their family can't sell it, and they may have to wait on the money it brings in too.
Michael and Tonya's home in Belize.
Already own in Belize? Do this now:
Make a Belize will for your Belize property. Sign it in front of 2 witnesses, and never use someone who inherits as a witness.
Make your 2 wills fit together. Each one should say it only covers its own country, so one doesn't cancel the other.
Ask a Belize lawyer whether holding the property through a company or trust makes sense for you.
Give your helper the lawyer's name now, not later.
Need a Belize lawyer? Consult a licensed estate lawyer in Belize before you make any moves on your Belize property. Your US lawyer can't do this part for you.
Thinking about buying in Belize? Check out ONDA Belize, the community where Michael and Tonya built their home. Have the will conversation before closing, not after.
So which one do you need?
For most of you, especially if you're 40+, own a home or have grandkids: a revocable living trust plus a pour-over will. Add a local will for any home overseas.
A will alone can be enough if you're young, you rent, and your money sits in accounts with named beneficiaries.
Your 7 steps:
Make a list. House, land abroad, bank and retirement accounts, life insurance, cars, businesses.
Pick your helper, and a backup.
Write your rules. Who gets what, and when.
Get it drafted. Online or with a lawyer (options below).
Fund the trust. New deed, retitled accounts.
Check your beneficiaries on every retirement account and policy.
Have the conversation. Tell your family where the papers are and who the helper is. Tonya's point: most family wealth is gone by the second generation, because nobody talks about it.
Where to get this done
Trust & Will: the easiest option for most families (see above). trustandwill.com
LegalZoom: trusts from $399, or $549 with a year of unlimited 30-minute lawyer calls. Good if you want a lawyer on call.
A local estate lawyer: best if you have a business, a big estate or property in more than 1 country.
Disclosure: some links in this post are affiliate links. I may earn a commission if you sign up, at no extra cost to you.
I'm not a lawyer, and this isn't legal or tax advice. Rules change by state and country, so talk to a licensed estate planning lawyer before you sign anything.
If this helped, sign up for the newsletter on this page so you get the next breakdown first.
See Michael and Tonya's home
Want to see more of Belize? Watch our Belize journey on YouTube.
And if you want to see what all this planning is protecting, you can stay there. Michael and Tonya rent out their home in Belize. If it's open for your dates, book it on Airbnb and support them directly.
Sources
Don't miss a thing!
Don't miss a thing as we explore better ways to travel, live, and invest around the world.
Featured Posts
Subscribe to our newsletter
Subscribe to our free weekly newsletter that features the best of travel, investment, and culture of the cities you love the most.
Related Stories
Sep 23, 2026
Live Abroad
Cost of Living in Bangkok in 2026: Alex’s Real Budget
Read more
Sep 20, 2025
Live Abroad
How I Flew Business Class for $160 on an $8,198 Flight
Read more
Sep 19, 2025
Travel Abroad
10 High-Paying Digital Nomad Jobs That Let You Work From Anywhere
Read more
Sep 19, 2025
Live Abroad
Top 8 African Countries Offering Citizenship to African-Americans
Read more
Will vs Trust, Explained Like You're 5
A will goes to court. A trust doesn't. What that means for your house, your kids and your home overseas, in plain English.
A will goes to court. A trust doesn't.
What's up, Passport Heavy fam.
If you came here from the Michael and Tonya video, you heard Tonya say it: "I always thought you had to be rich to do a trust. You don't."
Michael and Tonya at the pool club, Mahogany Bay.
I used to think the same thing. Then I sat with 2 regular people, both near 60, with 10 grandkids and a villa in Belize. They set up a trust so none of it gets stuck in court.
They built their house in Belize, land included, for about $500,000. Today it's worth closer to $700,000. And it brings in about $75,000 a year in rental income. That's not just a house. That's something their grandkids can build on, but only if it gets passed down the right way.
Here's the hard truth. A lot of people do everything right, almost to the finish line. They buy the house. They build the income. Then they stop, because nobody wants to think about dying. But nobody gets out of here. If you care about what you built, you can't plan like you'll live forever.
Here's how it works, explained like you're 5. Then the grown-up details you actually need.
The toy box story
Grandma has a big toy box. She won't always be here, so she makes a plan.
Plan A: the will. She writes a note: "Give my red truck to Maya." But a note can't hand anything over. A judge has to read it, check it, and wait for anyone Grandma owed money. That waiting room is called probate. It can take a year or more. It costs money. And anyone can read the note.
Plan B: the trust. While Grandma is still here, she puts her toys in a box with a lock. She keeps the key and still plays with everything. She picks a helper and writes the rules on the lid: "The truck goes to Maya. The bike goes to Leo when he finishes school." When Grandma passes, the helper opens the box and follows the rules. No judge. No waiting. Nobody else reads the lid.
That's the whole difference:
A will goes through the court.
A trust goes around it.
The grown-up words:
Grantor: you, the person who sets it up.
Trustee: the helper. While you're alive, that's you.
Successor trustee: the backup helper who takes over later.
Beneficiaries: the people who get the toys.
Probate: the waiting room
Probate is the court process that checks a will, pays the debts and hands out what's left. It has 3 problems.
It's slow. In California it usually takes 9 to 18 months, sometimes longer. Creditors alone get 4 months to file claims. Most of that time, the house can't be sold.
It's expensive. California sets the fees by law, based on the home's full value, mortgage included. The executor and the lawyer each get paid. On a $500,000 house that's about $26,000 total. Other states cost less. None are free.
It's public. Probate files are public record. Anyone can look up what you owned and who got it.
In the video, they put it this way: with a will, "it might take a year for the court system in your state to actually transfer that property over to your daughter. And while all that's going on, your daughter has to pay mortgage to keep the house."
Tonya's point was simple: they want their family to keep the house and keep living, not sit in a waiting room.
What a trust does for you
Most families use a revocable living trust. You set it up while you're alive, you can change it anytime, and you stay in control of everything in it.
What you get:
It skips probate. Your helper passes things straight to your people.
It stays private. There's no public court file.
You set the rules. Not just who gets what, but when. Michael's example: a grandchild gets their share after they finish college.
It protects you while you're alive. If you get sick, your backup helper steps in to pay bills and manage things, no court needed. A will can't do that.
What it does not do:
It doesn't cut your taxes. And most people don't owe federal estate tax anyway. In 2026 it only applies above $15 million per person.
It doesn't hide money from people you owe.
It doesn't work if it's empty. More on that below.
Who holds the key? Picking your trustee
While you're alive, you hold the key. You run your own trust, same as today.
The real choice is your backup helper, the successor trustee. Most people pick a spouse, a grown child or a close friend.
Your spouse. Already knows everything. Catch: often your age, so name a backup too.
An adult child. Will be around long after you. Catch: pick the organized one, not the oldest one.
A trusted friend. Neutral when the kids don't get along. Catch: they have to be willing.
A professional, like a trust company or bank. Neutral and experienced. Catch: many want $500,000 to $1 million minimum and charge 0.5% to 1% a year, and some won't manage real estate.
What about your lawyer? Your lawyer writes the trust and advises your helper. They usually don't run it.
Rules of thumb:
Pick for character, not birth order.
Always name a backup.
Ask them first. Don't surprise anyone with this job.
Own in Belize? Your helper will need a local lawyer there too.
Will vs trust: the real numbers
One real example: a $500,000 home in California, the most expensive state for probate.
Will only: about $625 for the will. Then about $26,000 in court fees and 9 to 18 months of waiting.
Trust: about $500 online or $2,500 with a lawyer, plus $200 to $400 for a new deed. No court fees. Your family gets it in weeks.
That's why Tonya said you don't have to be rich. A trust matters more when you're not, because $26,000 is a bigger bite.
The quick compare:
Goes to court: Will yes. Trust no.
Public record: Will yes. Trust no.
Helps if you get sick: Will no. Trust yes.
Rules like age or school: Will barely. Trust yes.
Names a guardian for kids under 18: Will yes. Trust no.
Cuts federal estate tax: Neither.
Lawyer prices are national medians from Neptune. Online prices are from Trust & Will and LegalZoom.
Why most people never get this done
Here's what usually happens. People know they need a trust. Then they have to find a lawyer, book a meeting, take time off and pay about $2,500. So they put it off. For years.
But most families don't have a complicated situation. A house, some accounts, kids or grandkids. For that, you don't need to pay a lawyer $2,500 to fill in the same standard documents.
That's why online services like Trust & Will work so well. It's what I'd point most of you to:
It walks you through it. Plain-English questions online, step by step, at your own pace.
Built for your state. Your documents follow your state's rules.
The full package. The trust plan is $499 ($599 for couples) and includes the trust, a pour-over will, power of attorney and a healthcare directive.
A lawyer if you want one. Add attorney support for $299 to have a lawyer walk you through it. That's about $800 total, still about a third of the typical lawyer price.
Start your trust with Trust & Will: trustandwill.com
Good to know: there's a $49 yearly membership to keep making updates, the lawyer add-on isn't offered in every state, and trusts aren't available in Louisiana (CNBC review). If you have a business, a large estate or property in more than one country, use a local estate lawyer instead.
The 2 mistakes that make a trust useless
Mistake 1: building the box and leaving it empty. Signing a trust does nothing by itself. You have to move your stuff in: put the house deed in the trust's name and retitle your accounts. That's called funding the trust. An empty trust skips nothing. Budget $200 to $400 per property for the new deed.
Mistake 2: skipping the will. You still need one, for 2 reasons:
A pour-over will catches anything you forgot and sends it into the trust.
Guardians. Only a will can name who raises your kids under 18.
Bonus: retirement accounts and life insurance skip probate if they have a named beneficiary. Check yours today. An ex still listed on a 401(k) is a common, painful mistake.
If you own property in Belize
Your US trust follows US law. Your Belize home follows Belize law. A US court can't hand over land in another country. Do nothing, and your family could face probate in both places.
What Belize looks like:
Probate runs through the Supreme Court of Belize and takes 6 to 12 months on average.
Heirs abroad usually need someone in Belize with power of attorney.
The property can't be sold while probate is open.
Good news: Belize has no inheritance tax.
Think about Michael and Tonya's house. If it's stuck in probate for 6 to 12 months, their family can't sell it, and they may have to wait on the money it brings in too.
Michael and Tonya's home in Belize.
Already own in Belize? Do this now:
Make a Belize will for your Belize property. Sign it in front of 2 witnesses, and never use someone who inherits as a witness.
Make your 2 wills fit together. Each one should say it only covers its own country, so one doesn't cancel the other.
Ask a Belize lawyer whether holding the property through a company or trust makes sense for you.
Give your helper the lawyer's name now, not later.
Need a Belize lawyer? Consult a licensed estate lawyer in Belize before you make any moves on your Belize property. Your US lawyer can't do this part for you.
Thinking about buying in Belize? Check out ONDA Belize, the community where Michael and Tonya built their home. Have the will conversation before closing, not after.
So which one do you need?
For most of you, especially if you're 40+, own a home or have grandkids: a revocable living trust plus a pour-over will. Add a local will for any home overseas.
A will alone can be enough if you're young, you rent, and your money sits in accounts with named beneficiaries.
Your 7 steps:
Make a list. House, land abroad, bank and retirement accounts, life insurance, cars, businesses.
Pick your helper, and a backup.
Write your rules. Who gets what, and when.
Get it drafted. Online or with a lawyer (options below).
Fund the trust. New deed, retitled accounts.
Check your beneficiaries on every retirement account and policy.
Have the conversation. Tell your family where the papers are and who the helper is. Tonya's point: most family wealth is gone by the second generation, because nobody talks about it.
Where to get this done
Trust & Will: the easiest option for most families (see above). trustandwill.com
LegalZoom: trusts from $399, or $549 with a year of unlimited 30-minute lawyer calls. Good if you want a lawyer on call.
A local estate lawyer: best if you have a business, a big estate or property in more than 1 country.
Disclosure: some links in this post are affiliate links. I may earn a commission if you sign up, at no extra cost to you.
I'm not a lawyer, and this isn't legal or tax advice. Rules change by state and country, so talk to a licensed estate planning lawyer before you sign anything.
If this helped, sign up for the newsletter on this page so you get the next breakdown first.
See Michael and Tonya's home
Want to see more of Belize? Watch our Belize journey on YouTube.
And if you want to see what all this planning is protecting, you can stay there. Michael and Tonya rent out their home in Belize. If it's open for your dates, book it on Airbnb and support them directly.
Sources
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