One of the most common questions we hear from families in St. Petersburg is: should I have a will or a living trust? Both documents are essential parts of a comprehensive estate plan, but they serve different purposes and have very different implications for the probate process.

What Is a Will?

A Last Will and Testament is a legal document that expresses your wishes for how your property should be distributed after your death. A will must be admitted to probate court before it can take effect. The probate process validates the will, appoints a personal representative, and oversees distribution of assets to beneficiaries. While a will is essential, it does not help your family avoid the time and expense of probate.

What Is a Living Trust?

A revocable living trust is a legal entity you create during your lifetime to hold your assets. You transfer ownership of your property into the trust but typically remain the trustee and beneficiary during your lifetime, retaining full control. When you pass away, a successor trustee steps in and distributes assets directly to your beneficiaries according to the trust terms, without going through probate court.

Key Differences Between Wills and Living Trusts

The most significant practical difference is probate avoidance. Assets held in a living trust pass directly to beneficiaries without court involvement, saving time and reducing costs. Probate in Florida is a public process, while trust distributions remain private. Trusts can also provide continuous management of assets during incapacity, whereas a will only takes effect at death.

Do You Still Need a Will If You Have a Trust?

Yes. Most estate planning attorneys recommend having both. A "pour-over will" works in tandem with a living trust to capture any assets not already in the trust at the time of death. It also allows you to name a guardian for minor children, which can only be done through a will, not a trust.

Which Is Right for You?

The right choice depends on your specific situation, the types and value of your assets, your family dynamics, and your goals. Many Florida families benefit from a comprehensive plan that includes both a revocable living trust and a will, along with powers of attorney, health care directives, and updated beneficiary designations.

At HKH Elder Law, we help St. Petersburg families build estate plans that work. Call (727) 343-8959 to schedule a consultation with our team.