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Understanding the Differences: last will and testament vs. living trust Choosing between a last will and testament and a living trust begins with understanding what each instrument accomplishes and how they operate after incapacity or death. A last will and testament is a formal legal document that designates beneficiaries, appoints an executor to administer the estate, and can name guardians for minor children. It becomes effective only upon death and must typically pass through probate — the court-supervised process that validates the will, settles debts, and distributes assets. Probate can be time-consuming, public, and sometimes costly, which motivates many people to consider alternatives. A living trust, sometimes called a revocable trust, is created during the grantor ...