Living Trust vs. Will: Which Do You Need

Both a will and a living trust can direct where your assets go after death, but they work very differently, and most complete estate plans actually use both rather than picking one exclusively.

What a will does — and doesn't do

A will only takes effect at death and only controls assets that go through probate. It has to be filed with the court and go through the probate process, which is public and takes time — in Florida, typically several months even for straightforward estates. A will is also the only place you can name a guardian for minor children, something a trust can't do.

What a living trust adds

A revocable living trust takes effect immediately once it's signed and funded (meaning assets are actually retitled into the trust's name). Assets held in the trust bypass probate entirely, passing directly to beneficiaries according to the trust terms, privately and typically much faster. A trust can also plan for your own incapacity, since a successor trustee can step in to manage trust assets if you become unable to, without needing a guardianship proceeding.

Where people go wrong

The most common mistake is signing a trust and never actually transferring assets into it — an unfunded trust does nothing, and those assets end up in probate anyway, often alongside a "pour-over will" that was only meant as a backstop. A trust is a tool that requires follow-through, not a document that works by itself the moment it's signed.