The Benefits of a Living Trust vs. a Will in Florida

When it comes to estate planning in Florida, many people wonder whether a living trust or a will is the better option. Both serve important purposes, but understanding the key differences between these two estate planning tools can help you make the best choice for your specific situation. Whether your goal is to protect your privacy, avoid probate, or ensure your assets are distributed exactly as you intend, knowing how a living trust vs. a will in Florida functions is essential for building a complete estate plan.

1. What Is a Will?

A will is a foundational estate planning document that outlines your wishes for distributing your property and assets after your death. In your will, you can:

• Appoint an executor to manage your estate.
• Designate guardians for minor children.
• Specify who receives your assets, from real estate to bank accounts and family heirlooms.

However, it must go through probate court, which can be time-consuming and costly.

2. What Is a Living Trust?

A revocable living trust is a more flexible estate planning tool that allows you to place assets into a trust during your lifetime. You act as the trustee and retain control over the assets, but upon your passing, a successor trustee takes over and distributes the assets directly to your beneficiaries. This process avoids probate entirely and keeps your estate matters private.

Living trusts are especially beneficial for individuals with:

• Multiple properties (especially in different states).
• Significant assets they want distributed quickly.
• Beneficiaries who may need access to funds without delay.

3. Key Differences: Living Trust vs. Will

Feature	Will	Living Trust
Requires Probate?	Yes	No
Provides Privacy?	No	Yes
Effective While Alive?	No	Yes
Control Over Assets?	Yes	Yes

4. Costs and Maintenance

Many people assume that living trusts are only for wealthy families, but that’s not the case. While creating a living trust can cost more upfront than drafting a simple will, the long-term savings—by avoiding probate costs—often makes up the difference. Plus, if you become incapacitated, a properly funded trust allows your successor trustee to step in immediately to manage your affairs, avoiding the need for a court-appointed guardian.

Wills, on the other hand, are usually cheaper to create initially, but they trigger probate after death, leading to potential delays and higher expenses for your heirs.

5. When to Choose a Will or Living Trust in Florida

Here’s a quick guide to help you decide:

• Choose a Will if:
  • You have a small estate with few assets.
  • You’re comfortable with public probate.
  • You need a simple document to designate guardians for minor children.

• Choose a Living Trust if:
  • You want to avoid probate entirely.
  • Privacy is important to you.
  • You own real estate in multiple states or have complex assets.
  • You want ongoing control over assets in case you become incapacitated.

Explore more details on the pros and cons of wills vs. living trusts from Investopedia.

Get Expert Advice from a Florida Estate Planning Attorney

The best estate planning strategy depends on your personal circumstances, asset types, and family goals. Our experienced Florida estate planning attorneys at Fred E. Glickman P.A. can help you determine whether a will, a living trust, or a combination of both is the right fit for your estate plan.

Contact us today to schedule your FREE consultation and create a plan that protects your assets and gives your family peace of mind.

Learn more about our Estate Planning Services