If you’re planning your estate in British Columbia, you’ve probably wondered whether you need a will, a living trust, or both. The short answer: most families start with a will; some benefit from adding a trust when they need extra control or special protection. This guide explains the last will vs living trust decision in plain English—so you can choose what fits your goals, your family, and your budget.
What is a Will?
Will, also referred to as Last Will and Testament is a legal document that explains who receives your assets after you pass.The document also includes who will act as your executor, and if you have children; who you want as their guardians. It only takes effect after death.
Read Also: A Definitive Guide to Preparing a Will in BC
What is a Trust?
Living Trust is a legal arrangement you create during your lifetime. You move chosen assets into the trust and appoint a trustee (often yourself to start). The trust sets rules for how and when those assets are managed and distributed.
What most BC families use first: a Will
For many Surrey and Langley families, a will is the practical starting point because it:
- Names guardians for minor children (a must-have for parents).
- Lets you choose beneficiaries and backup beneficiaries.
- Appoints an executor to wrap up your estate.
- Is usually simpler and more cost-effective to set up than a trust.
A will is also the best place to create testamentary trusts(trusts that begin after you pass) inside the will often used to hold funds for young beneficiaries, blended families, or long-term planning. This approach keeps planning straightforward while still providing some control over how money is managed for loved ones.
When a Living Trust may help?
A trust vs will choice comes into focus when you want added control or when your situation is more complex. A revocable living trust can be useful if you want to:
- Stagger gifts over time (e.g., portions at ages 21/25/30).
- Support a loved one who needs help managing money.
- Keep asset management continuous if you’re ill or travelling.
Set aside funds for a specific purpose (education, home care, etc.).
A trust is not automatically “better” than a will; it’s simply a different tool. Some families combine both: a will to cover everything broadly and a trust for the assets or situations that need special handling.
Probate basics (and realistic expectations)
“Does a trust avoid probate?” is a common question. The honest answer is it depends on your setup and which assets you hold where.
In BC, some assets can pass outside of probate already (e.g., certain registered accounts with named beneficiaries or assets held jointly with right of survivorship).
A properly funded living trust may reduce what needs probate review, but results vary.
The key is to design your plan around your real goals (simplicity, cost, control, privacy) rather than expecting any one document to “do it all.”
Common scenarios in Surrey & Langley
Young families:
A solid will is usually priority #1—choose guardians, name an executor, and outline who receives what. You can add a testamentary trust in the will to manage funds for kids until they’re ready.
Homeowners:
If your main goal is to pass a home to a spouse or children, a will can work well. If you prefer more control (e.g., allow a spouse to live in the home but preserve value for children from a prior relationship), a trust may help.
Blended families:
A trust or testamentary trust can balance fair treatment for a spouse and children from previous relationships. This is a classic “when should you have a trust vs will” moment—control and clarity matter.
Special circumstances:
Loved ones with special needs, business ownership, complex property, or beneficiaries who struggle with money often benefit from trust provisions (either inside the will or via a living trust).
What a BC Notary can help with and when to involve a lawyer?
As a local notary office, we commonly help with:
- Wills that reflect your wishes clearly.
- Power of Attorney (for financial/legal decisions while you’re alive).
- Representation Agreement (for health and personal care decisions in BC).
For complex trust structures or tax-sensitive planning, a lawyer and/or tax professional may be recommended. We can coordinate referrals so you get the right level of advice without over-complicating your plan.
What to bring to your appointment?
- Two pieces of valid ID.
- A simple list of assets (home, accounts, vehicles, insurance).
- Your preferred guardians, executor(s), beneficiaries, and backups.
- Any special instructions (staggered gifts, education funds, home occupancy wishes).
Choosing between a Will and a Trust: a quick checklist
Choose a Will if you want to:
- Keep it straightforward and cost-effective.
- Name guardians for minors.
- Distribute assets simply to a spouse, kids, or other beneficiaries.
Read Also: Why do you need a will in Canada?
Consider a Living Trust (or trust provisions) if you want to:
- Control how and when money is used (age-based or purpose-based payouts).
- Support a loved one who needs long-term guidance with funds.
- Address blended-family goals (provide for a spouse while protecting children’s inheritance).
- Add continuity for asset management during illness or travel.
Remember, this isn’t either/or; you can use a will and trust tools together.
FAQs: Last Will vs Living Trust
What’s the difference between a last will and a living trust?
A last will directs who gets your assets after you pass and names an executor and guardians. A living trust holds assets during your lifetime and sets rules for management and distribution, often giving you more control over timing and conditions.
Is a trust better than a will in BC?
Neither is “better” across the board. A will works best for many families; a trust helps when you need extra control or ongoing management. Evaluate your goals, family dynamics, and the complexity of your estate.
When should you have a trust vs will?
Consider a trust if you want to delay or structure inheritances, protect vulnerable beneficiaries, coordinate blended-family interests, or keep management smooth if you’re incapacitated. Otherwise, a well-crafted will may be enough.
Do I still need a will if I have a living trust?
Yes. A pour-over will can capture anything not already in the trust and handle guardianship for minor children. Think of it as a safety net.
Does a living trust always avoid probate in BC?
No. A trust may reduce the need for probate for assets properly placed into it, but outcomes depend on how your plan is structured. Get advice based on your exact asset mix.
What’s a testamentary trust vs a living trust?
A testamentary trust starts after death (inside your will). A living trust starts during your lifetime. Both can help manage money for beneficiaries; they’re simply created at different times.
How often should I review my plan?
Review after major life changes (marriage, children, separation, buying/selling a home) or every few years. Small updates now prevent big headaches later.
Clear next steps (we’ll keep it simple)
Book an appointment for a friendly, no-pressure meeting. We’ll help you decide whether a will alone is the right fit or whether adding trust provisions would serve your family better. We will guide you through the entire process of Wills and Estates and ensure a seamless experience.
As the most trusted notary in Clayton, we serve clients across Surrey, Langley, and nearby communities.