Will vs Revocable Trust in Mississippi: What’s the Real Difference

When planning for the future, most people fall into one of two camps. There are those who already have their estate plan neatly squared away... and then there are those who swear they will get around to it... someday. If you are in the first group, good for you. If you are in the second, do not worry. You are not alone—and you are not out of time.

Let’s start with the basics. A will is a written document that explains who should get what after you pass away. In Mississippi, for a will to be valid, it has to be in writing, signed by you, and witnessed by two people who are not inheriting anything. The will only becomes active after your death... and at that point, it has to go through probate. Probate is the court-supervised process of ensuring everything is handled correctly and legally. It can take a few months or longer, depending on the size of your estate. It also becomes part of the public record, so anyone curious enough can look up what you left behind and who got what. Not ideal if you value privacy or just do not want your cousin Pam asking why she only got your second-best casserole dish.

Now let’s talk about the revocable trust. Picture a bucket. That’s the trust. You, the person creating the trust, decide what to put in the bucket. Your house... in the bucket. Bank accounts... in the bucket. Family land, investment accounts, a prized baseball card collection... all of it can go in the bucket if you want it to. You also name someone to hold the bucket. That person is called the trustee. Most of the time, you are the one holding your bucket while you are alive and well. You still control what is in it... you can take things out, put things in, or even tip it over if you feel like it. That is the beauty of a revocable trust—you can change it whenever you want.

The real magic happens when you can no longer manage your own affairs or when you pass away. The person you named as your successor trustee picks up the bucket and follows your instructions. The stuff in the bucket gets handed out to your beneficiaries, all without going through probate. That means no court process, no waiting around, and no unnecessary attorney fees. And unlike a will, your trust stays private.

But here’s the part where some people trip up... creating the trust is not enough. You have to fund it. That means you need to actually move your assets into the trust—put the things into the bucket. If you set up a beautiful trust but forget to transfer your house into it... your house is not in the bucket. And guess what... it ends up going through probate anyway. An empty bucket may look nice on paper, but it does not do much in real life.

So which one is better... a will or a trust? That depends. A will is often simpler and cheaper to set up initially. If your estate is small and straightforward, it might be all you need. But if you want to avoid court, maintain privacy, and have a plan in place in case you become incapacitated, a revocable trust is usually the better tool. It is especially helpful if you own property in more than one state or if you just prefer to keep things smooth and private for your loved ones.

At the end of the day, both documents serve important roles. Some people even use both—a will to catch anything left outside the bucket, and a trust to handle the rest. The key is to actually make a plan... not just talk about making one. Because whether you choose a will, a trust, or both, the most important step is to do something while you still have time to hold the bucket yourself.