My approach to estate planning always begins with a simple question: What problem are we trying to solve? The goal isn’t to push one solution over another. Instead, it’s about understanding your unique situation and finding the right tools for your specific needs. Let’s walk through the fundamental differences between wills and trusts in Florida, what each one can do, and how to think about which might be the right fit for your situation.

Let’s get clear on what these estate planning tools actually do.

Trusts

A trust is a legal arrangement. As the grantor, you transfer your assets to a trustee. The trustee then manages these assets for the benefit of your chosen beneficiaries. I often use a simple metaphor: think of a trust as a “cup.” You create this cup, which is an agreement, and you place your assets into it. Now, everything in that cup is governed by the rules of the agreement you’ve set up. If something happens to you, there’s no need for a court to step in for those assets because you’ve already outlined what should happen.

Trusts can be advantageous because they allow for ongoing management of your assets during your lifetime and can simplify their transfer after your passing. They become effective as soon as you create them and place assets into them.

Some Practical Considerations

As with any estate planning tool, there are tradeoffs you should know about:

• Cost: Setting up a trust typically incurs higher upfront costs than drafting a simple will, whereas a simple will may be less now, but will cost more later in probate fees and expenses. There’s paperwork, legal fees, and sometimes ongoing administrative costs.
• Complexity: Trusts require more upfront legwork. You’ll need to transfer titles of your property and accounts into the trust, which can be a hassle and sometimes gets overlooked.
• No Creditor Protection: A revocable living trust won’t shield your assets from creditors during your lifetime or after death. If you owe a debt, they can still collect.

While trusts can streamline affairs and keep them private, they require more work and planning upfront.

Wills

A will, or Last Will and Testament, is a legal document that outlines how you want your assets distributed after your death. It also allows you to name guardians for minor children and appoint an executor (known as a “personal representative” in Florida) who will oversee the distribution process.

Under Florida statute on will execution requirements, a valid will must be in writing and signed by you in the presence of at least two witnesses, who must also sign in each other’s presence.

Probate and Asset Distribution

Wills require your estate to go through probate, a court-supervised process that validates your will and oversees the distribution of your assets. In Florida, probate can be a time-consuming process, typically taking between six months and two years, depending on the estate’s complexity.

Trusts bypass probate entirely. If properly funded, assets in a trust typically pass to your beneficiaries without the need for court involvement, thereby avoiding probate delays. Your trustee can distribute assets directly, according to your instructions.

The key question isn’t whether probate is bad—it’s whether the time and expense of probate make sense for your specific situation.

Privacy Concerns

When a will goes through probate in Florida, it becomes public record. Anyone can access details about your assets, debts, and beneficiaries.

This lack of privacy can be concerning, especially for high-net-worth individuals. It may also expose beneficiaries to fraud or solicitations.

Trusts offer significantly more privacy. Because they don’t go through probate, the estate’s details remain private. Only trustees and beneficiaries are informed.

Management of Assets

Wills take effect only after death. They offer no help if you become incapacitated. Without a power of attorney, your family may have to seek court approval to act on your behalf.

Trusts provide continuous management. If you become incapacitated, your successor trustee can take over immediately—no court involvement needed.

Flexibility and Control

Trusts let you set conditions for inheritance. For example, funds can be restricted until a beneficiary graduates from college or can be distributed in stages.

Even a modest inheritance can be misused. Guardrails are especially helpful for young beneficiaries or those facing challenges like addiction or unstable finances.

Wills can also establish testamentary trusts, but only after going through probate.

Tax Implications and Benefits

Florida has no state income or estate tax, but federal taxes may still apply. Trusts are often used to reduce these burdens, especially for larger or appreciated estates.

When You Need a Trust

You should consider a trust if:

• You own property in multiple states
• Your estate is nearing the federal estate tax threshold
• You want to support a special needs beneficiary
• You highly value financial privacy
• You want incapacity protection
• You have minor or financially immature beneficiaries
• You wish to avoid probate
• You own a business and need succession planning

When a Last Will & Testament May Suffice

A will may be enough if:

• Your estate is simple and modest
• You mainly need to name guardians for minor children
• Your assets are held jointly or pass by beneficiary designation
• You are not concerned about probate time or cost
• You’re okay with your estate becoming public record

Even with a will, consider adding a durable power of attorney and healthcare directive to address incapacity.

How Easy Is It to Make Changes to Your Estate Plan?

One common question I hear is whether you can update your estate planning documents if life’s circumstances shift, which, let’s be honest, they almost always do.

For wills, the process is relatively straightforward. You can revise your will by creating a new will or adding a codicil (essentially an amendment). So, if you buy another property, welcome a new grandchild, or just change your mind, you aren’t locked in. As long as you follow the legal requirements (writing, signature, and witness rules), updates are easy to make.

Living trusts also offer considerable flexibility. Most people choose what’s called a “revocable living trust,” meaning you can change or even dissolve it entirely as long as you’re mentally competent. Whether you want to swap out beneficiaries, adjust how assets are managed, or update instructions for your trustee, you’re in the driver’s seat while you’re alive and well.

This flexibility is one of the standout advantages of both wills and trusts—they’re designed to evolve alongside you as your family, assets, or wishes change.

How an Estate Planning Attorney Can Help 

An experienced Florida estate planning attorney can help you:

• Evaluate your needs and recommend the right plan
• Ensure legal compliance with Florida law
• Minimize tax liabilities and protect your assets
• Align account designations with your estate plan
• Update your plan as your life or the law changes

Florida law includes unique requirements around homestead property and execution formalities. Mistakes in these areas can result in costly consequences.Ultimately, a good estate plan is about protecting your loved ones and the legacy you’ve built. A thoughtful plan now can save time, stress, and money later.