Cost

The upfront cost of a trust will generally exceed that of a will.

Paperwork

The construction and funding of a trust requires more paperwork than creating a will. Though the process of funding a trust is relatively simple - accounts are renamed “John and Jane Doe, Trustees of the John and Jane Doe Family Trust,” that process is still not required in executing a will.

Absence of Court Review

While the main advantage of a trust is that it avoids probate court and disgruntled heirs, some may feel more comfortable having their estates supervised by the judiciary.

Tax Year

An estate devised by will can choose either the calendar year or the fiscal year in which it pays taxes, while a trust must use the calendar year.

Tax Identification

In the rare circumstance where the settlor does not choose to become the trustee, the trust must be given a separate tax identification number, and a separate income tax return must be filed as well.