Trusts and wills are vital estate planning tools. Choosing between them can feel confusing at first. If you are like most people, you probably want a clear, simple way to understand which option fits your situation.
In Florida, the differences really matter. A revocable living trust can keep your assets out of probate. Wills send everything through the court. Each option supports families in different ways. The right choice depends on your goals, your family dynamics, and your long-term plans.
Once you understand how these tools work, you can make an informed choice. That clarity helps you protect your estate and support your family when it counts.
Key Differences at a Glance: Trust vs. Will
Revocable Living Trust
- Takes effect immediately upon signing and funding.
- Avoids probate for assets appropriately titled in the trust.
- Provides continuity, since a chosen successor can manage assets if you become incapacitated.
- Remains private, so your asset details do not become public record.
- Involves a higher upfront cost for drafting and funding.
Last Will
- Takes effect only after your death and after probate begins.
- Requires probate to distribute assets.
- Does not address incapacity, so you need a separate power of attorney.
- Becomes public once someone files it with the probate court.
- Has a lower upfront drafting cost.
How a Will Works
A will is a legal document that provides instructions for the court after your death.
What a Will Does
It directs distribution by naming a personal representative (executor) to carry out your wishes. A will is the only legal way to appoint guardians for minor children. It also guides the probate court on how to divide your assets and settle debts.
When a Will May Be Enough
A simple will can work well if your situation is straightforward and you’re comfortable with probate. It often applies when your estate is small or falls within Florida’s simplified probate limits. Wills are also good if most assets are jointly owned or have designated beneficiaries. Another factor is having a straightforward family structure. A will does not avoid probate; it starts the process and lets the court validate your wishes.
The Power of a Revocable Living Trust
A revocable living trust is a legal entity you create to hold and manage your assets during your life. After your death, the trust distributes them outside of court.
Key Benefits of a Trust
- Avoids Probate: The successor trustee distributes assets quickly and privately, without court involvement.
- Protects Against Incapacity: If you cannot manage your affairs, the successor trustee steps in to maintain financial continuity.
- Ensures Privacy: Unlike a will, a trust keeps asset details and beneficiaries private.
- Simplifies Multi-State Property: A trust avoids multiple probate proceedings for property in different states.
- Protects Beneficiaries: You can set rules for distributions, such as giving assets at a certain age or over time.
When a Trust Is the Better Choice
A trust is often the smarter option if you:
- Own a primary residence or significant assets in Florida.
- Want to keep your family’s finances private.
- Own property in more than one state.
- Have complex family dynamics, like a blended family.
- Need stronger incapacity protection than a simple power of attorney provides.
Deciding What’s Right for Your Family
The best estate plan is the one that meets your specific goals. Ask yourself these three essential questions:
1. Is avoiding probate a high priority?
If yes, a trust is the better choice.
2. Do I need continuity of management if I become incapacitated?
If yes, a trust can step in and manage your assets seamlessly.
3. Is naming a guardian for a minor the only complex issue?
You need a will to establish guardianship, but a trust manages assets more effectively.
The right estate plan provides clarity and peace of mind. It helps protect your assets and support your family during difficult moments, without unnecessary stress or court delays.
FAQs About Revocable Living Trusts vs Wills
Do I still need a will if I have a trust?
Yes. A pour-over will covers any assets left out of the trust. It must also name guardians for minor children.
Does a revocable trust protect assets from creditors?
No. Since a revocable trust can be changed or canceled, you are still considered the owner for tax and creditor purposes. Only an irrevocable trust may offer creditor protection, but it requires giving up control.
Who controls the trust while I am alive?
You do. As the initial trustee, you can buy, sell, spend, or change any asset. You can also amend or revoke the trust at any time.
Is a trust more expensive than a will?
Typically, yes. Drafting and funding a trust costs more upfront. Still, it can save time, fees, and stress later by avoiding probate and simplifying asset management.
Protect Your Family With the Right Plan
A revocable living trust or a will can provide meaningful protection. The right plan depends on your goals, your assets, and your family’s needs. A well-designed estate plan reduces stress, avoids unnecessary delays, and gives you peace of mind for the future.
Scott Law Offices can guide you through choosing the right approach. Schedule your consultation today and take the first step toward protecting what matters most.
