Understanding the Core Differences Between Wills and Trusts
When planning for the future of your estate, one of the most common questions is whether to create a will, a trust, or both. Each legal tool serves a purpose in estate planning, and knowing which one suits your situation best can make a significant difference for your family. If you’re in Florida, understanding these differences is even more important given the state’s unique probate laws.
What Is a Will?
A Last Will and Testament is a legal document that outlines how you want your property and assets distributed after your death. It also allows you to nominate guardians for minor children and appoint a personal representative to carry out your wishes. Wills only take effect after death and must go through Florida’s probate court system.
What Is a Trust?
A trust is a fiduciary arrangement that allows a trustee to manage assets on behalf of beneficiaries. The most common form is a revocable living trust. It takes effect during your lifetime, avoids probate, keeps your affairs private, and provides greater control over how and when your assets are distributed. Trusts are often used to handle complex estates, protect privacy, and streamline the transfer of assets after death.
Should You Have Both?
Most estate plans benefit from both. A pour-over will can act as a backup to your trust, ensuring all assets are accounted for. A will is also necessary to name guardians for your children, even if a trust manages the assets. Together, they form a stronger, more flexible estate plan.
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Yelen Yelen & Simon, P.A. helps Florida families make the right estate planning choices. Call (305) 445-3721 or visit https://www.yelen-yelen.com/contact/ to schedule a consultation.