Florida Will vs a Florida Trust – Do you know the difference?
Florida Will vs Trust
In Florida, both wills and trusts are tools used in estate planning, but they work differently and have different advantages depending on your goals. Here’s a clear comparison:
Florida Will
Definition: A will is a legal document that directs how your assets are distributed after your death.
Key Points:
Probate required – Assets pass through the Florida probate court process (which can take months to years, depending on complexity).
Becomes effective at death – Has no legal effect during your lifetime.
Costs – Usually cheaper to set up than a trust, but probate can be costly later.
Public record – Once filed, it becomes part of the court’s public record.
Executor/Personal Representative – Must be appointed by the court.
Guardianship of minor children – A will is the place to designate guardians.
Florida Trust (Revocable Living Trust)
Definition: A revocable living trust is a legal entity you create to hold and manage assets during your lifetime and distribute them after death.
Key Points:
Avoids probate – Assets titled in the trust pass directly to beneficiaries without court involvement.
Private – Unlike wills, trusts are not public record.
Effective immediately – Operates during your lifetime (you can manage it as trustee) and after death.
Flexibility – You can amend or revoke it at any time while you are alive and competent.
Cost – Typically more expensive up front to draft and fund, but saves probate costs later.
Continuity – If you become incapacitated, a successor trustee can manage assets without court guardianship.
Complexity – Requires proper funding (retitling assets into the trust).
When to Use Each
Will is enough if:
You have a simple estate.
You don’t mind probate.
Your main concern is naming guardians for minor children.
Trust is better if:
You want to avoid probate and delays.
You want privacy.
You have real estate in multiple states (avoids multiple probates).
You want protection in case of incapacity.
Many Floridians use both
A revocable living trust for most assets (to avoid probate). A “pour-over will” as a backup, to catch anything accidentally left out of the trust.
If you want to learn more, schedule your appointment today with our Estate Planning attorney for your complimentary consultation.
Best regards,
Sport & Wheat CPA, PA
