Declaration of Trust vs. Last Will – Which Is Better for Florida Residents?
Declaration of Trust vs. Last Will – Which Is Better for Florida Residents?
Introduction
When creating your estate plan in Florida, one of the most important questions is: Should I use a Will, a Trust, or both? Each serves a unique purpose in determining how your assets are handled after your death—and choosing the right one can significantly affect your family’s experience during probate, as well as your privacy, cost savings, and overall control.
A Last Will and Testament allows you to name beneficiaries and a personal representative, but it must go through Florida probate court—a public, time-consuming, and sometimes expensive process. A Declaration of Trust, on the other hand, can help you bypass probate entirely, manage your estate while you’re alive, and provide a more seamless transition for your heirs.
Understanding the differences between a Trust vs. Will in Florida will help you decide which option aligns best with your financial goals, asset types, and desire for privacy. In many cases, a combination of both documents offers the most protection.
In this guide, we’ll break down how each works, key differences, and which might be right for your situation—so you can build a Florida estate plan that truly fits your needs.
What Is a Last Will?
A Will is a legal document that:
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Names beneficiaries
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Appoints a personal representative
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Can express wishes for burial or funeral
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Must go through Florida probate court
What Is a Declaration of Trust?
A Trust is a private legal entity that:
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Holds title to your assets
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Allows you to bypass probate
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Gives instructions for distribution upon your death
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Can also provide asset management if you become incapacitated
Trust vs. Will – Key Differences
| Feature | Last Will | Living Trust |
|---|---|---|
| Goes Through Probate? | Yes | No |
| Becomes Public? | Yes | No |
| Effective While Alive? | No | Yes |
| Controls Assets After Death? | Yes | Yes |
| Asset Management During Incapacity? | No | Yes |
When to Use a Trust
✅ You want to avoid probate
✅ You have out-of-state property
✅ You want to maintain privacy
✅ You want faster distribution to heirs
Final Thoughts
In many cases, using both a trust and a will creates the strongest estate plan. A will can serve as a safety net (a “pour-over will”), while your trust manages most assets efficiently.
📞 Contact us today to learn which option best fits your estate planning needs in Florida.