What is the Difference Between a Will and a Trust?

When planning for the future, deciding between a will and a trust is one of the most important steps you can take. Both documents allow you to direct how your assets are handled after your death, but they work in very different ways. Choosing the right tool depends on your goals, your family situation, and the types of assets you own.

At the Law Offices of Alper & Estry, Karen Estry, P.A., we help individuals and families across Florida make these critical decisions with confidence. Let’s break down the differences between a will and a trust—so you can make the best decision for your future and the people you care about most.

Wills: What They Do and What They Don’t

A will is a legal document that takes effect after your death. It allows you to name the beneficiaries who will receive your property, appoint a guardian for any minor children, and choose a personal representative (also known as an executor) to handle your affairs.

Many people assume a will is all they need, and for some, it may be. But it’s important to understand what a will can’t do.

• A will doesn’t guarantee that your estate will avoid probate. In Florida, your will must go through the probate process if you have left behind assets that have a legal title, such as a house, bank account, etc., —a court-supervised procedure that validates your will and oversees the distribution of your assets. Probate can take months or even years, and it becomes part of the public record.
• A will only controls assets in your name alone. Joint accounts, life insurance policies with named beneficiaries, or property held in a trust won’t be governed by your will.
• A will doesn’t provide for you during your lifetime. If you become incapacitated, your will can’t step in to manage your affairs. You’ll need other documents—like a durable power of attorney or a healthcare surrogate designation—to ensure someone can act on your behalf.

Still, a will can be a powerful tool for laying out your wishes and giving your family direction. It’s typically less expensive to set up than a trust and may be sufficient for simpler estates. Here, at Karen Estry, P.A., we like to explain to individuals that a will is a “default,” that safety umbrella just in case you left behind something without making it “payable on death.”

Trusts: Greater Control, More Flexibility

A trust is a legal arrangement where one person (the trustee) holds and manages assets on behalf of another (the beneficiary). The person who creates the trust—called the grantor or settlor—places assets into the trust during their lifetime. The terms of the trust spell out how and when assets will be distributed.

The most common type is a revocable living trust, which you can change or revoke at any time while you're alive. Here’s why many people in Florida choose to create one:

• A trust avoids probate. Assets held in a trust bypass the probate court, allowing your beneficiaries to receive their inheritance more quickly and privately. This can be especially valuable if you own property in multiple states or want to reduce the stress on your loved ones after your passing.
• A trust can manage your assets if you become incapacitated. Unlike a will, a living trust allows your chosen successor trustee to step in and handle financial matters if you can’t. That means less risk of court intervention and greater peace of mind for your family.
• A trust gives you more control. You can set conditions for how and when your beneficiaries receive their inheritance. For example, you might want a child to receive money at certain ages or only for specific purposes like education or healthcare.
• A trust protects privacy. Because it doesn’t go through probate, the details of your trust remain private, whereas a will becomes a matter of public record.
• A trust allows you to control assets for an extended period of time after you pass. If your goal is to distribute your assets to your family or to a charity, over a period of time or at certain milestones, that a trust is the tool to do so. For example, you may want to provide for your grandchildren to ensure they have an ability and/or incentive to go to college by having a trust.

Setting up a trust usually costs more upfront and requires some ongoing attention—like transferring assets into the trust (known as "funding" the trust). But for many, the long-term benefits outweigh the initial investment.

Many individuals mistakenly believe that a trust can replace a will or a trust can ensure your family avoids probate but a will makes it a requirement. This is not true. They are two separate tools. One does not replace the other. Rather, they can work together to help you reach your estate planning goals.

When to Use a Will, a Trust, or Both

There’s no one-size-fits-all answer. The right estate plan for you may include a will, a trust, or a combination of both. Here’s how to think about your options:

• If you have minor children: A will is the only document where you can name a guardian. Even if you have a trust, you’ll still need a will for this purpose. This type of will is often called a “pour-over” will, which ensures any assets not already in your trust will be transferred into it after your death.
• If you want to keep your estate private and avoid probate: A revocable living trust can accomplish that. You’ll need to be sure to fund it properly and keep it up to date.
• If you have a simple estate: If your assets are limited, and your wishes are straightforward, a will might be all you need—especially if most of your accounts already have named beneficiaries.
• If you want to protect vulnerable beneficiaries: Trusts can include specific instructions to protect individuals who are young, irresponsible with money, or receiving government benefits.
• If you own property in more than one state: Without a trust, each state may require its own probate proceeding, which can be time-consuming and expensive. A trust avoids this issue by allowing your trustee to manage property across state lines.

Ultimately, the most effective estate plan is the one that reflects your wishes, avoids unnecessary costs and delays, and provides clarity to the people you leave behind. That may mean starting with a will and adding a trust as your life and assets grow. Or it might mean building a comprehensive trust-based plan from the start.