In a country where the average American family’s net worth has nearly doubled since 2000, fewer adults have been preparing for the future. According to Trust & Will’s 2026 Estate Planning Report, 56% of U.S. adults have no estate planning documents, with Gen X (those born between 1965 and 1980) being the most underserved at 62%. “Many families hesitate to begin estate planning because it feels like confronting mortality, but it is truly an act of stewardship,” says Kendra Barnes, senior vice president and Regional Trust Manager with Arvest in Central Oklahoma. “Delays often result from the complexities of busy schedules and concerns that today’s plan may not suit future needs.” The report shows a significant preparedness gap that could leave assets temporarily frozen and loved ones in limbo. And while wills have long been the standard for estate planning, those with complex assets or long-term goals often find that a trust provides a clearer roadmap. Understanding which one to use and when is a common question, she explains.
Understanding the Basics
A will is a legal document that directs how your assets should be distributed after your death. It can name guardians for minor children and designate an executor to carry out your wishes. “For anyone with dependents or basic assets, a will is typically the starting point,” says Barnes. A trust is a legal arrangement where a trustee manages assets for designated beneficiaries. “Trusts are often used by individuals with more complex financial situations who seek greater control over asset management and distribution,” she explains. “The most common type is a revocable living trust, which operates during your lifetime and continues after your death.”
Limitations of Wills
Many believe a last will and testament is sufficient. While foundational, Barnes notes that wills have a significant drawback: Probate. The average probate process takes 20 months to complete, according to a 2024 Trust & Will study. Probate fees typically run 3% to 7% of an estate’s total value, and the executor spends an average of 570 hours navigating the process. And if you value discretion, a will alone may not be enough. “In Oklahoma, a will must be validated by a court,” says Barnes. “This process is not only time-consuming and costly, but it also becomes part of the public record.” This means your assets, debts and beneficiaries become accessible to anyone with the curiosity to look. If you wish to keep your financial affairs out of the public eye, relying solely on a will is often an insufficient strategy.
Versatility of Trusts
“For those who value maximum control and privacy, a living revocable trust is often the preferred option,” says Barnes. “While they require more initial setup and ongoing administration, trusts offer greater control of how assets are distributed to beneficiaries.” Unlike a will, a trust enables immediate and seamless transfer of assets outside of the courtroom and the public eye. While a will is effective only after death, a trust can also manage your affairs if you become incapacitated, providing a level of continuity that a will cannot.
Designating a Trustee
Central to the success of a trust is the trustee’s fiduciary role. The trustee must always act in the best interests of the beneficiaries, notes Barnes. For example, the trustee must preserve, protect and invest the trust assets for the benefit of the beneficiaries. The trustee must also keep complete and accurate records, exercise reasonable care and skill when managing the trust, and avoid commingling trust assets with any other assets, especially his or her own. “It is important who you consider when naming your trustee. Whether you name a trusted family member or a professional corporate trustee, such as a bank, your instructions must be followed precisely,” says Barnes. “The trustee should have the expertise to provide the necessary oversight to manage complex portfolios and navigate the legal requirements of trust maintenance.” In the end, having the right trust structure, backed by a dedicated fiduciary team, is the most profound gift you can leave behind.
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Trust services provided by Arvest Bank. Arvest and its associates do not provide tax or legal advice.
