Two of the most common estate planning tools, a last will and testament and a revocable living trust, serve overlapping goals but work in completely different ways. Choosing between them isn’t simply a matter of cost or complexity. It depends on your assets, your family situation, and how much control you want over the process after you’re gone.
A will is a written declaration of how you want your assets distributed after death. Under Florida Statutes § 732.502, a valid will must be signed by the testator in the presence of two witnesses who also sign the document.
A will generally must go through probate before assets can be distributed under its terms. During probate, the will is validated, debts are paid, and assets are eventually distributed. Probate takes time, costs money, and becomes a public record.
A revocable living trust works differently. You transfer ownership of your assets into the trust during your lifetime, naming yourself as trustee and a successor trustee to take over at death or incapacity.
Under Chapter 736 of the Florida Statutes, a trust that’s properly funded can bypass probate entirely, keeping administration private and moving faster than a court-supervised process. Florida adds one requirement most states don’t: Under § 736.0403, the parts of the trust that dispose of property at death must be signed before two witnesses and a notary.
A will can do one thing a trust cannot: name a guardian for minor children. That alone makes a will essential for parents of young children, regardless of what else is in the estate plan.
A trust handles incapacity planning in a way a will can’t. If you become incapacitated, your successor trustee steps in immediately without court involvement required. A will doesn’t activate until death.
Florida homestead property can sometimes be placed in a trust without losing the homestead tax exemption, but the ownership structure and trust terms need to be handled carefully.
Many people end up using both: a pour-over will as a backstop, with a trust handling the bulk of the estate.
At Schnauss Naugle Law, we help Jacksonville-area families build estate plans around their actual circumstances. We handle wills, revocable trusts, probate, and elder law matters throughout Northeast Florida. Ready to sort out your options? Call us at 904-643-6342 or reach out through our contact form.
