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Wills and trusts differ in that wills are often easier and cheaper to prepare and update, and may allow you to appoint a guardian for minor children.
However, wills must go through probate, which is often expensive. Additionally, trusts come with a higher degree of privacy, give you additional control, and may offer some tax advantages.
Both wills and trusts play an essential role in the estate planning process. A Boca Raton estate planning lawyer can give you more information about these tools and whether you need to use one or both of them as you prepare for the future.
The Differences Between Trusts and Wills in Florida
Wills and trusts in Florida have several key differences, related to:
Simplicity in Preparation
Most people find it easier and cheaper to set up a will than a trust. Additionally, individuals may find it easier to update a will as their circumstances change over time.
Setting Up a Guardianship
Under Florida law, wills specifically allow individuals to pick guardians for their minor children. Trusts do not provide this legal ability.
The Probate Court System
In Florida, wills have to go through the probate court system, while most trusts do not. Probate costs can rise quickly. Additionally, sorting out probate assets often turns into a time-consuming process.
You can learn more about what happens during the probate process from a lawyer.
Issues Related to Privacy
Wills become a matter of public record once they have been probated. Trusts, on the other hand, are private documents.
The Level of Control Available
Trusts can provide you with a higher degree of control over issues like asset management. You may also have a chance to detail how you’d like your assets distributed in the future.
Tax Benefits
Some trusts will come with tax advantages that you should carefully discuss with your attorney. A lawyer can give you more information about these potential benefits when you reach out for help.
Your attorney can also tell you more about the difference between a will and a trust in Florida.
For a free legal consultation, call 561-955-8515
Creating a Will Protects Your Wishes
A will is a foundational tool in your estate plan. This legal document determines the distribution of your assets after you pass away – from finances and personal belongings to real estate and more. If you have minor children, you can designate a guardian for them in your will.
Married couples should create separate wills for each spouse to fully protect both interests. The creator of a will, known as the testator, has the power to:
- Name beneficiaries
- Distribute assets
- Express specific final wishes
Whether you prefer burial or cremation, no one knows your wishes better than you.
In your will, you must designate a personal representative who will handle the probate and estate administration duties after you pass away, with the assistance of a probate attorney.
Your personal representative must be a reliable adult living in Florida or someone with a close familial relationship if they live outside the state.
A lawyer can tell you more about what a will is and when you need one.
How a Will Streamlines the Probate Process in Florida
Probate is the legal process overseen by the court to settle a deceased person’s estate. It involves several critical steps:
- Identifying all the assets left behind by the deceased.
- Publishing a Notice to Creditors, giving them a chance to make their claims.
- Settling any debts owed by the deceased, based on claims filed by creditors.
- Distributing the remaining assets to beneficiaries according to the will’s instructions.
You can update your will anytime during your lifetime, as long as you possess the legal capacity. Relationships change, desires evolve, and circumstances shift. Don’t hesitate to make adjustments to ensure your will reflects your current wishes and circumstances.
When someone passes away without a legally valid will, their assets usually go to family members based on Florida’s intestacy laws. However, these laws may not align with the wishes of the deceased.
Remember, life is full of changes. That’s why we recommend regularly reviewing your will and making any necessary adjustments. As long as you’re mentally capable, you can update your will to reflect changes in relationships, family dynamics, and your desires.
You can learn more about this option and the differences between a will and a trust in Florida when you reach out to an attorney.
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Defining a Florida Trust
Unlike a will, a trust is a powerful legal tool that allows you to protect, grow, and transfer your assets with ease. Once you place your assets in a trust, the trust becomes the legal owner of those assets.
A trust involves three key players:
- The Grantor: You, the individual who establishes the trust and sets the rules.
- The Trustee: The trusted person responsible for managing and administering the trust.
- The Beneficiary: The individual entitled to enjoy the benefits of the trust’s assets.
In some cases, one person can fulfill all three roles, giving you complete control over your financial destiny. Whether it’s organizing your estate, protecting your wealth, or ensuring a smooth transfer of assets, your Florida estate planning attorney can tailor it to your needs.
A lawyer can also help you avoid the biggest mistakes Floridians make when setting up a trust.
Complete a Free Case Evaluation form now
Types of Florida Trusts
Florida law offers various Trust options.
Living Trusts: Retain Control, Ensure Continuity
With a living trust, you can maintain complete control of your assets during your lifetime. Rest easy knowing that upon your passing, a successor trustee will seamlessly step in to manage and distribute your assets as you wish.
Special Needs Trusts (SNTs): Empower Those in Need
For individuals dealing with medical conditions that may hinder their ability to handle finances, special needs trusts provide a lifeline. By designating someone else to oversee their assets, individuals can focus on their well-being, medical care, and quality of life.
Dynasty Trusts: Secure Your Family’s Future
Designed for the ultra-wealthy, dynasty trusts offer unparalleled control over family finances. Safeguard your wealth and ensure a smooth transfer of money to future generations, solidifying your family’s financial security for years to come.
Revocable vs. Irrevocable Trusts in Florida
Florida state law recognizes two types of trusts:
Revocable Trusts
Revocable Trusts allow the person who created it (the grantor) to make changes or even cancel the trust completely during their lifetime, giving them flexibility and control over their assets.
However, a revocable trust doesn’t automatically avoid probate, which is still necessary for assets not included in the trust when the person passes away. Many people don’t realize this and fail to fully fund their trust, which means probate may become necessary.
Irrevocable Trusts
It’s hard to dissolve irrevocable trusts. While there may be rare instances in which you can make changes or dissolve the trust, such changes usually involve a more complex legal process requiring a court petition.
One key difference between revocable and irrevocable trusts is that, in an irrevocable trust, the grantor and trustee are separate individuals. The trustee manages the trust’s assets, while the grantor and beneficiaries typically don’t have direct access to them.
We Can Help You Understand Wills and Trusts in Florida
So, what’s the difference between wills and trusts in Florida? There are many differences between these estate planning tools, but they‘re both critical to protecting your future.
When engaging in the estate planning process, you can get help from a skilled legal professional to explain how both wills and trusts can assist you.
You can learn more from our team at The Siegel Law Group, P.A. We have over 100 years of combined experience and are ready to provide the dedicated assistance you need, starting right now.
Call or text 561-955-8515 or complete a Free Case Evaluation form
