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The choice depends largely on your goal to avoid "probate," the slow and public court process used to validate a Will. A Living Trust is generally superior for most homeowners because it allows assets to transfer privately and immediately to your heirs without court intervention, though it costs more upfront to set up. A Last Will is simpler and cheaper initially but guarantees your family will end up in probate court for months (or years) after your death; however, a Will is still the only place you can legally name a guardian for minor children, so most parents need both (a Trust for the money, a Will for the kids).