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A will is a legal document that says who gets your property after you die, and who you want to raise your children if they are still minors. Without one, a state court decides both using a standard formula that may not match what you wanted.

A will goes through probate, which is the court process of proving the will is valid and settling the estate. Probate is public and it takes time, often several months or longer.

A trust is a legal arrangement where you place assets under the control of a trustee, who manages them for the people you name. You can be your own trustee while you are alive, with someone else stepping in afterward.

The practical difference from a will is that assets held in a trust generally skip probate. That usually means faster access for your family and more privacy, since the terms are not filed publicly. Trusts cost more to set up and require actually moving assets into them, which is the step people most often forget.

Term life covers you for a fixed number of years, commonly ten, twenty, or thirty. If you die during that window, the policy pays a death benefit to the people you named. If the term ends and you are still alive, the coverage simply stops.

Because it covers a limited period and builds no savings, term is generally the least expensive way to buy a large amount of coverage. It is typically bought to cover a specific span of risk, such as the years a mortgage is being paid or children are still at home.

Whole life is designed to cover you for your entire life rather than a set term, as long as premiums are paid. It also builds cash value over time, a savings component inside the policy that grows and can generally be borrowed against.

Premiums are considerably higher than term for the same death benefit, because part of each payment funds the cash value and because the policy is expected to pay out eventually rather than possibly expiring. It is generally used for lifelong needs such as final expenses or leaving money behind regardless of when death occurs.