Wills and trusts are the most frequently used estate planning tools. A will records your wishes regarding how to divide your property once you pass away. Your will can name a guardian for your young children or name an executor to close your estate. However, all property that passes by way of a will goes through the probate process, which can be time-consuming and expensive. So, while wills are relatively inexpensive to make, many people create trusts to distribute property.