A will and a trust are both legal documents that perform similar goals of distributing a person’s assets upon their death. The main difference between them, as of 2024, is that a will must go through probate court, while a trust is able to skip going through probate.
By avoiding probate court, the distribution of your assets to your beneficiaries will remain private to you and your family rather than becoming part of the public record in probate court. The Orlando wills, trusts, and probate lawyers from our team can provide advice to help you determine which setup works better for your needs.
Understanding the Benefits of a Living Trust Over a Will
A trust involves setting up your estate in a way that simplifies the distribution of assets after your death. With the trust, you will appoint someone to manage your assets while you are still alive. (You can appoint yourself, as long as you are mentally able, or you can appoint a third party.)
The primary difference between a will and a trust in 2024 involves the speed with which your beneficiaries can receive the assets from the estate. The trust does not need to go through probate court, so the distribution process can occur faster.
Reducing the Chance of a Legal Challenge With Your Trust
Additionally, because of the way Florida Statutes § 736 requires lawyers to set up the trust, the chances of having heirs file a legal challenge against the declarations of the trust are rare.
This also means that your estate will be less likely to incur legal costs after your death through legal challenges. You will be able to pass the full value of your estate to your beneficiaries while sparing them the difficult probate process.
A Living Trust May Override a Will
As long as our estate planning attorneys set up your living trust and will properly, the two documents will complement each other, rather than having one of them override the other.
However, if a legal situation arises at the time of the planned distribution of the assets, the court will accept the wishes included in the trust over the will, because the court considers the trust as a separate entity.
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Understanding the Benefits of a Will Over a Trust
A will is a legal document that provides directions for handling your affairs and your estate after you pass away.
Generally, a will is easier to create than a living trust, meaning it will cost less in legal fees up front. Those who have non-complex estates may be able to use a will alone. Wills do not require you to assign a trustee.
Wills Are More Flexible Than Trusts
With a will, you can specify any wishes you have for your funeral arrangements or memorial service. There are certain types of instructions and stipulations that you can include in a will but not in a trust. If it is important to you that your last wishes be carried out precisely, it is a good idea to let our estate planning lawyers help you draft a will.
Setting Up a Trust in 2024
When creating a living trust (also called a revocable living trust), you and your attorney will need to follow a few steps, including:
- Deciding what assets you want to place in trust
- Determining what you want done with the trust assets
- Appointing a trustee
- Creating the trust in such a way that it minimized estate taxes
Rules for Trustees to Follow
The trustee will manage all of the assets that are part of the trust, along with paying any bills or choosing how the trust will invest the assets. If you cannot or do not want to be the trustee, you can appoint a relative, friend, or professional.
The trustee must follow a number of laws and rules when managing the trust. Florida Statutes § 736.0813 lays out what these rules are as of 2024.
There Are Two Types of Trusts Available
If you are extremely sure of what you want, you may set up an irrevocable trust instead of a revocable trust. It is very difficult to change the terms of an irrevocable trust once they are put in place, so you will want to weigh your options carefully before reaching a decision.
Writing a Will in 2024
Writing a will is, like creating a trust, a difficult and emotional process. You will need to:
- Decide how you want your assets distributed
- Name an executor or personal representative (the terms are interchangeable as of 2024) to oversee your estate
- Clearly lay out any special instructions for your heirs
- Determine what legal arrangements to make for the care of minor children
The wills and trusts lawyers with our firm can help you accomplish this while complying with state law.
You May Need Both a Trust and a Will
Some people have an estate planning situation that requires both a will and a living trust. It may benefit you to have a will that sets up the legal distribution of your estate alongside the living trust. For example, those who have minor children may need both a will and a trust to:
- Ensure the children’s legal guardian is clear
- Control how the children may receive the assets of the estate once they reach the legal age.
As you are studying estate planning and trying to determine the best path forward for yourself, understanding what the key differences are between a will and a trust is an important step you must take. Our estate planning law firm can help.
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We Are Ready to Help with All of Your Estate Planning Requirements
If you are wondering what the difference between a will and a trust is in 2024, you can count on the team at Bogin, Munns & Munns to provide all of the advice and information you want. We treat our clients like family. We can help you set up your estate for efficient distribution of your assets to your heirs.
Our wills, trusts, and probate lawyers make sure you are legally covered, giving you peace of mind about the proper distribution of your estate following your death. To start the process, call us as soon as possible.
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