will and trust

In USA:

The sole purpose of a will is to distribute your assets that are not covered by trusts after your death. (What is the death rate for the healthiest people who do not smoke, drink, sex, or etc? 100%) A will cannot escape probate and the probate cost is proportional to the assets. All assets under probate are published, every penny, and no secret left. You heirs cannot get a penny until the long probate procedure is over. In most states, no lawyer is required for a will. Even you ask a lawyer to prepare a will, it may still get challendged in probate court.

Trusts can distribute your assets without probate. Most people own some sort of trusts, like IRA and 401K. This means, whatever you say in your will about IRA or 401K will be igored. You IRA or 401K custodian will distribute your assets after your death directly to your beneficiary that you designated and registered with the custodian. I am not sure if life insurance also qulifies as a trust. With a simple trust, you will save probate cost, save your face (secrecy), and let your heir have the money without waiting. By the way, it is impossible to put every penny in a trust and a will is needed to cover the left over. As far as I know, only lawyers can get you the trust.

Smartly designed trusts can save taxes and the saving can be huge if you are $M.

Living trusts are set up when you are alive. Some trusts can be born at your death by a living trust.

If your family net asset is over half $M, better get a trust. Everyone except homeless needs a will.