What is the Difference Between a Will and a Trust?

When planning your estate, it’s common to hear about wills and trusts, but what exactly do they do, and how are they different? While both tools help ensure your assets are passed on according to your wishes, they work in very different ways. Understanding the roles each plays can help you make smart decisions about your estate plan. 

At RTRLAW, we help individuals and families across Florida choose the best estate planning strategies for their unique needs. It’s important to know how wills and trusts compare. 

What is a Will & is it Enough to Fulfill Your Estate Planning Needs?

A will, also known as a last will and testament, is a legal document that outlines how you want your assets to be distributed after you pass away. It lets you answer key questions about your estate, such as: 

• Who should inherit your property?  
• Who will serve as the personal representative (executor) of your estate?  
• Who should be the guardian of your minor children?  
• How would you like your final wishes to be carried out?  

Wills only take effect after your death and must go through a court-supervised process known as probate. While probate ensures everything is handled legally, it can take time, cost money, and will become part of the public record; that means your estate details are accessible to anyone. 

That said, a will might be perfectly sufficient for certain situations. It could be a good fit if: 

• Your estate is relatively simple  
• You want to ensure a guardian is appointed for your children  
• You’re not concerned about avoiding probate  
• You just want a straightforward plan to express your wishes  

Even if you decide to use a trust as part of your estate plan, a will still plays an important role. Many people create a “pour-over will,” which acts as a safety net to ensure any assets not already placed into a trust during your lifetime are transferred into it after your death. 

What Is a Trust and When Might You Need One?

When you create a trust, you’re essentially transferring ownership of your assets to a separate legal entity—the trust. This may sound like you’re giving up control, but in most cases, especially with a revocable living trust, you can name yourself as the trustee. That means you still manage and control all the assets in the trust, just like you did before, but now you’re doing it in your capacity as trustee rather than as an individual.

The most commonly-used trust in Florida is a revocable living trust, which gives you the flexibility to make changes as your life and needs evolve. 

Some key benefits of using a trust include: 

• It takes effect during your lifetime  
• It helps avoid probate and the delays that come with it  
• It ensures asset management if you become incapacitated
• It keeps your financial matters private, as trusts don’t go through the public probate process  

Trusts offer more control and flexibility than wills, especially if you have specific goals like protecting assets, planning for blended families, or structuring inheritance for younger beneficiaries. 

So, when might a trust be the better choice? You might want to consider one if: 

• You’d like to avoid the cost and delays of probat
• You have a blended family or children from different relationships
• You want to control when and how your heirs receive their inheritance
• You own real estate in multiple states
• You’re planning for possible incapacity or long-term care  

Trusts are powerful tools in estate planning that not only protect your assets but also help your loved ones avoid unnecessary stress and legal complications. At RTRLAW, we help clients understand which type of trust best fits their unique needs and how to use them effectively. 

Is it Better to Have a Trust or a Will in Florida?

Choosing between a trust and a will depends on your specific goals, the complexity of your estate, and how much control and privacy you want over the distribution of your assets. Both documents serve important roles, but they offer very different benefits. 

Here’s a side-by-side comparison to help clarify the key differences: 

If you’re looking for a simple way to pass on your assets and don’t mind the probate process, a will may be sufficient. However, if you want to avoid probate, plan for incapacity, keep your affairs private, and maintain more control over when and how your assets are distributed, a trust is often the better choice, especially in Florida, where the probate process can be time-consuming and costly. 

Many Floridians choose to use both a trust and a basic will, sometimes called a “pour-over will”, to ensure all their assets are properly managed. At RTRLAW, we can help you determine the right combination based on your needs and goals, giving you peace of mind and a solid plan for your family’s future. 

Can You Have Both a Will and a Trust?

Absolutely. Even when we draft a trust, we also prepare a pour-over will. This is a special type of will that acts as a safety net. Its main job is to catch any assets that were not transferred into the trust during your lifetime and “pour” them into the trust after your death.

Here’s why both are necessary:

• The trust is the main tool for managing and distributing your assets privately and without probate.
• The pour-over will ensures that any overlooked or newly acquired assets that weren’t titled in the name of the trust still end up being governed by the trust terms.

Without a pour-over will, any assets left outside the trust at your death could be subject to probate and might not follow your trust’s instructions.

Let RTRLAW Help You Make the Right Choice

Choosing between a will and a trust, or using both, depends on your personal goals, family dynamics, and the complexity of your estate. 

If privacy, avoiding probate, and managing assets for your loved ones over time are priorities, a trust might be the way to go. If your situation is straightforward, a will could be all you need. 

While it may seem confusing, estate planning doesn’t have to be overwhelming. At RTRLAW, our experienced Florida estate planning attorneys will walk you through your options, help you understand what works best for your situation, and make sure everything is properly set up. 

Whether you’re just getting started or want to review your current plan, we’re here to help. Call us at 1-833-HIRE-RTR to schedule your free consultation today, and let’s create a plan that protects your family and secures your future.