When you think about passing your assets to your family, you have more options than you might realize. Because estate planning isn’t one-size-fits-all, few questions are more common than this: What is the difference between a will and a trust?
At Beller Law, PL, we have over 25 years of experience helping clients make confident decisions about their estate plans. Wills and trusts help pass property to loved ones, but they each do it differently. Let us guide you through your options and build the right plan for you.
Similarities Between Wills and Trusts
Wills and trusts allow you to decide who receives your property after you pass away. Both tools require someone trustworthy to manage your estate—a personal representative for a will and a trustee for a trust.
Trustees and personal representatives are fiduciaries with similar legal duties. They must locate, protect, and inventory the assets involved, pay valid claims, and ensure any remaining property goes to the right beneficiaries. Florida law requires these fiduciaries to act with honesty, care, and loyalty to the estate’s beneficiaries.
What Are the Differences Between Wills and Trusts?
While both documents serve similar purposes, understanding the difference between will and trust arrangements helps Florida families choose the right estate planning strategy. Let’s take a look at these differences.
When Do Each Take Effect?
A will is a document that is considered only after you die. A trust, by contrast, can become effective as soon as it’s signed and funded, meaning you can use a “living” or revocable trust to manage your property while you’re still alive. You can also use your will to set up a testamentary trust that only becomes effective and funded after you die. However, these differences give trusts a flexibility and continuity that wills can’t match.
Trusts Bypass Probate, Wills Do Not
A significant difference between a will and a trust in Florida is that a will must go through probate. Trusts bypass this step. Probate is the court-supervised process of:
- Validating a will,
- Paying debts, and
- Distributing assets.
Probate proceedings can take months (or years) and be costly for your loved ones.
Revocable trusts, on the other hand, skip probate. Assets properly titled in a trust can pass directly to your beneficiaries without court supervision, often saving time, money, and your beneficiaries’ peace of mind.
You Own the Assets in Your Will Until the End
When you write your will, any property you designate in your will is still yours and doesn’t change ownership until you die. In some trusts, you transfer ownership of your property to the trust. Depending on the trust type, you may lose an owner’s right to sell, rent, or mortgage it while alive.
Trusts Can Be Harder to Change
You can change or revoke your will anytime before you pass away, as long as you have mental capacity and make your intentions clear. Trusts can also be flexible, especially revocable trusts, which allow you to update terms or add and remove assets.
However, irrevocable trusts are a different story. Once created, they’re much harder to amend or revoke. Certain changes can be made only with the trustee’s consent and all beneficiaries or a court order.
Trustee and Personal Representative Compensation May Differ
Wills and trusts can cost similar amounts to draft and administer for different reasons, and the work of trustees and personal representatives is a significant part of the bill. Both trustees and personal representatives are entitled to fair compensation for their work, but the rules differ.
Your personal representative gets paid out of your estate after you pass, so you should consider how much your beneficiaries will have to pay during probate. On the other hand, a trustee may be entitled to 1-5% of trust assets every year that the trust is in effect, so you could pay thousands per year to keep your trust going. This is something to think about when considering the cost of a will or the cost of a trust in Florida.
Which Is Right for You?
So, what is the difference between a will and a trust, and which is best for you? It depends on your goals:
- If you want to maintain complete control over your assets and don’t mind probate, a will may be enough; and
- If you don’t like probate, have assets you can set aside, and can afford to pay a trustee, a trust can provide smoother management.
So, what is the difference between a will and a trust in Florida? The key lies in timing, control, and cost. Wills are simple and take effect after death, while trusts offer lifetime control and help your loved ones avoid probate.
Frequently Asked Questions About Wills and Trusts in Florida
What is better in Florida, a will or trust?
Whether a will or trust is better in Florida depends on your goals. A will is simpler and less expensive to create, but it must go through probate. A trust costs more upfront but lets your assets transfer directly to beneficiaries without court involvement. For most Florida homeowners, a revocable trust offers more flexibility and privacy.
Does a trust override a will?
Yes. In Florida, a valid trust generally overrides a will for any assets titled in the trust’s name. Property transferred into a trust is distributed according to the trust’s terms, not the will. Only assets that remain outside the trust are controlled by your will and may go through probate.
What is one disadvantage of a will over a trust?
One disadvantage of a will over a trust is that a will must go through probate in Florida. Probate can take months, involve court fees, and make your estate public record. A trust avoids probate, allowing a faster, private transfer of assets. However, trusts can cost more to set up and manage.
What is the biggest mistake with wills?
The biggest mistake with wills is failing to update them after major life events like marriage, divorce, or the birth of a child. Outdated wills can cause confusion, disputes, or assets passing to the wrong people. Another common mistake is not coordinating your will with other estate planning tools like trusts or beneficiary designations.
Can you have both a will and a trust in Florida?
Yes. Many Floridians use both a will and a trust as part of a complete estate plan. The will covers any property not included in the trust and can serve as a “pour-over” will, transferring remaining assets into the trust after death to ensure nothing is left out.
Do I need a lawyer to make a will or trust in Florida?
While it’s legal to draft your own will or trust in Florida, working with an estate planning attorney ensures the documents meet state laws and clearly reflect your wishes. An attorney can also help coordinate your will and trust to prevent conflicts and avoid probate issues.
Plan with Confidence
If you still have questions about the difference between will and trust options in Florida, we can help you decide which plan protects your assets and aligns with your goals. At Beller Law, PL, our award-winning team guides clients through will and trust matters day after day. We believe estate planning should give you peace of mind, not stress. Contact us online or give us a call today to schedule an appointment.
Resources:
- General duties, Fla. Stat. § 733.602 (2025), link.
- Inventories and accountings; public records exemptions, Fla. Stat. § 733.604 (2025), link.
- Duty to inform and account, Fla. Stat. § 736.0813 (2025), link.
- Duty of loyalty, Fla. Stat. § 736.0802 (2025), link.
- Prudent administration, Fla. Stat. § 736.0804 (2025), link.
- Requirements for creation, Fla. Stat. § 736.0402 (2025), link.
- Revocation by writing, Fla. Stat. § 732.505 (2025), link.
- Revocation by act, Fla. Stat. § 732.506 (2025), link.
- Revocation or amendment of revocable trust, Fla. Stat. § 736.0602 (2025), link.
- Nonjudicial modification of irrevocable trust, Fla. Stat. § 736.0412 (2025), link.
- Judicial modification of irrevocable trust when modification is not inconsistent with settlor’s purpose, Fla. Stat. § 736.04113 (2025), link.
- Compensation of personal representative, Fla. Stat. § 733.617 (2025), link.
- Compensation of trustee, Fla. Stat. § 736.0708 (2025), link.
- HTJ.Tax, Trustee Services and Fees (December 4, 2024), link.