Trust or will? In Florida the honest answer is usually “both,” but the question that really matters is which one should hold your assets. This guide compares them by the three things people actually care about: cost, timeline, and control.
What Each Document Does
A Florida will (governed by Section 732.502 of the Florida Statutes) is a set of instructions that only takes effect after you die, and only after a court accepts it through probate. To be valid in Florida, a will must be signed by you and witnessed by two people in your presence and in each other’s presence.
A revocable living trust (under Chapter 736) takes effect the moment you sign and fund it. It works during your lifetime, plans for incapacity, and passes assets at death without court involvement.
The Probate Difference
This is the heart of the comparison. A will guarantees probate. Florida offers two paths under the Probate Code: summary administration, available when the probate estate is $75,000 or less or the decedent has been dead more than two years, and formal administration for everything else. Summary administration is faster, but formal administration commonly stretches across six months to a year or more and requires a personal representative and attorney involvement.
Assets in a funded revocable trust skip probate entirely. That is the main reason Floridians choose a trust: speed and privacy. A will becomes a public court record; a trust generally stays private.
The Cost Comparison
A will is cheaper to draft. A trust costs more upfront because it includes the trust document, a pour-over will, and the funding work to re-title your assets. But the comparison is not just the drafting bill. Probate has its own costs, including court filing fees, a personal representative, and attorney involvement. For an estate that would otherwise go through formal administration, the upfront cost of a trust often offsets the back-end cost of probate.
Why You Still Need a Will Even With a Trust
Even with a trust, Florida estate plans include a “pour-over” will. It acts as a safety net, directing any asset you forgot to title into the trust to be added after death, and it is also where parents name a guardian for minor children. A will alone, however, cannot help if you become incapacitated, while a trust can.
How to Choose
Lean toward a will-based plan if your estate is modest, your major assets already pass by beneficiary designation, and privacy is not a priority. Lean toward a trust-based plan if you own Florida real estate, own property in more than one state, want to plan for incapacity, or want to keep your affairs out of the public record. Keep in mind that neither choice is about taxes here, because Florida imposes no state estate or inheritance tax.
This article is general information, not legal advice. The right document depends on your assets, family, and goals, and Florida’s homestead rules can override your written wishes. Talk with a licensed Florida estate planning attorney before deciding.
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