Preparing for the distribution of the assets you own at the time of your death can be a very stressful experience. One of the most common questions is whether to have a will, or a living trust, or both. Having a good understanding of each of these will help you make your decision.

A will is a set of instructions that specifies who you want to receive the assets you leave behind. If you die without a will, your state law takes over, and makes the decisions on your behalf. In most cases, the state will give everything to your spouse and any children you have. If you have no children and no living spouse, your closest relatives will be the recipients. If you have no relatives, your entire estate will go to the state. While the court might make the same decisions you would have, in many cases it will not.

One of the most compelling reasons to make a will is having children. A will allows you stipulate who will take care of them when you’re gone. Without a will, the court will make this very personal choice for you.

If your estate is relatively simple, you may choose to create your own will, using a kit or a computer program. For more complex situations, or if you just don’t feel comfortable tackling this on your own, you can hire an attorney or a legal service to do it for you. Because this is such an important document, you need want to be sure it’s done correctly. You should consider investing in a lawyer to at least look over your finished product.

A trust is a bit more complicated in than a will. It is a separate legal entity that holds title or ownership to your property and assets. While you are alive, and acting as the trustee, you hold full control over all the property held in the trust.

Creating a trust can help you avoid probate. Property held in a trust won’t have to go through probate before your loved ones receive their inheritance, saving a lot of time between when you die and when they actually receive the property.

As with a will, you can create your own trust by using software or kits developed for do-it-yourself type people. However, because they can be very complicated, you really should consider having a lawyer’s help. Not everyone needs a living trust though. Before spending the money to have a trust made, talk to an estate planner to assess your needs.