Season 2 Episode 6:

Estate Planning Explained: When a Will Is Enough – and When a Trust Makes Sense

Estate planning often begins with a simple question: should your plan be centered around a will or a trust? This conversation explores how the two structures differ, how probate fits into the process, and why thoughtful planning helps ensure assets transfer as intended.

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Should your estate plan be built around a will or a trust?

In this episode of Under the Basswood Tree podcast, Chris Klug and Renee Tiun discuss how these two tools function within an estate plan, including how revocable living trusts can streamline asset management, maintain privacy, and avoid probate when properly funded. The conversation also explores incapacity planning, common misconceptions about control over trust assets, and how estate planning strategies should evolve as families, wealth, and circumstances change.

This episode covers:

  • Why estate planning is not simply drafting a will and how wills and revocable living trusts play different roles in managing and transferring assets.

  • What makes a revocable living trust effective. This conversation highlights why assets must be properly transferred into a trust for it to avoid probate and function as intended.

  • How revocable trusts allow flexibility during your lifetime. Grantors typically retain full control of trust assets while creating a smoother transition for beneficiaries.

  • Why probate can create delays and public exposure. This episode explains how probate works and why many families plan to avoid it when possible.

  • How estate plans should evolve over time. Life events such as marriage, children, new assets, or business ownership can change how an estate plan should be structured.

Host: Chris Klug

Chris is a trusted attorney with extensive experience in taxation, corporate planning, mergers and acquisitions, and estate planning. He guides clients through complex tax matters to deliver practical solutions.

Host: Renee Tiun

Renee, a foreign-trained attorney and enrolled agent at Basswood Counsel, specializes in taxation, corporate law, and estate matters, bringing over a decade of experience from Malaysia and a client-focused approach.

If this episode resonates with what you’re working through, contact info@basswoodcounsel.com. We’ll help you bring clarity to the key decisions, risks, and priorities, with the right support across our complementary practice areas.

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