What are the Differences Between Trusts and Wills
Wills and trusts both allow you to pass on assets, but they work in different ways and serve various purposes. Understanding how each tool functions can help you decide what works best for your family’s needs.
At Pyle, Dellinger & Naylor, we guide individuals and families in Daytona Beach and across Volusia and Flagler counties through the estate planning process with clear explanations and personalized legal support.
Understanding How a Will Works
A will is a written legal document that outlines your wishes for the distribution of your assets after your death. It can also name a guardian for minor children and appoint a personal representative to handle your estate.
However, a will must go through probate, which is a court-supervised process that validates the document and oversees the distribution of property. While a will is relatively simple to create, it does not take effect until death and offers no protection in the event of incapacity.
This means your assets could be frozen if you become unable to make decisions during your lifetime. Working with an estate planning attorney helps ensure your document is properly drafted, legally valid, and communicates your intentions.
How a Trust Functions Differently
A trust is a legal entity that holds assets for the benefit of designated beneficiaries. It can take effect during your lifetime, known as a living trust, or upon your death, known as a testamentary trust.
One of the key advantages of a trust is that it enables asset management and transfer without the need for probate. You can appoint a trustee to manage your property immediately if you become incapacitated, making it a powerful tool for long-term planning.
Trusts also provide greater privacy and flexibility compared to wills. If your estate involves real estate, business interests, or specific instructions for distribution, a trust attorney in Florida can help you structure a plan that meets your goals.
Key Differences Between Wills and Trusts
- Probate: Wills must go through probate. Trusts typically avoid it.
- Effective Date: Wills take effect after death. Trusts can be effective during your lifetime.
- Privacy: Wills become public record. Trusts remain private.
- Incapacity Planning: Wills do not cover incapacity. Trusts can appoint a trustee to act immediately.
- Asset Control: Wills offer no control after death. Trusts allow for staggered or conditional distributions.
Working with estate planning attorneys ensures that you understand which tool, or combination of tools, is best for your circumstances. A comprehensive estate plan may include both documents, working together to protect your interests and those of your family.
Why a Combined Strategy Often Makes Sense
For many families, using both a will and a trust creates a balanced and efficient estate plan. A pour-over will can ensure that any assets not transferred to your trust during your lifetime are added to it upon your death.
Meanwhile, the trust can manage larger assets and ensure ongoing oversight for minors or vulnerable beneficiaries. Whether you are beginning from scratch or updating existing documents, our team helps you weigh your options.
Consulting with will and trust attorneys in Florida allows you to create a plan that reflects your goals and gives your loved ones clarity in the future.
Create a Plan That Reflects Your Wishes
There is no single solution that fits every situation when it comes to wills and trusts. Pyle, Dellinger & Naylor helps clients in Port Orange and surrounding areas create thoughtful estate plans that protect their families and preserve their intent.
Our firm has served the region for over 25 years, focusing on providing clear guidance and lasting solutions. If you are ready to discuss your estate planning needs, contact us today to get started.
