Will vs. Revocable Trust: Which Is Right for You?
When planning your estate, one of the most common questions people ask is: Should I have a will or a revocable living trust? Both are powerful tools for protecting your assets and ensuring your loved ones are cared for after your passing — but they serve different purposes. Understanding the difference between a will and a revocable trust can help you make the right choice for your family and financial goals.
What Is a Will?
A last will and testament is a legal document that outlines how you want your property and personal belongings distributed after your death. It allows you to:
Name beneficiaries for your assets.
Appoint an executor to carry out your wishes.
Choose guardians for your minor children.
However, a will must go through probate, the court-supervised process of verifying and distributing your estate. Probate can take several months, sometimes longer, and becomes part of the public record.
Advantages of a Will
Simple and cost-effective to create.
Allows you to name guardians for children.
Outlines your final wishes clearly.
Disadvantages of a Will
Requires probate, which can be slow and expensive.
Offers no privacy, as probate filings are public.
Provides limited protection if you become incapacitated.
What Is a Revocable Living Trust?
A revocable living trust is a legal arrangement that lets you transfer ownership of your assets into a trust during your lifetime. You act as the trustee and maintain control over your property. You can modify or revoke the trust at any time. After your death, your chosen successor trustee distributes your assets directly to your beneficiaries without probate.
Advantages of a Revocable Trust
- Avoids probate, saving time and court costs.
- Keeps your estate private — no public record.
- Provides continuity of management if you become incapacitated.
- Flexible and easy to update.
Disadvantages of a Revocable Trust
- Typically more expensive to set up than a will.
- Requires funding (transferring assets into the trust).
- Does not automatically protect against creditors or estate taxes.
Which Estate Planning Tool Is Best for You?
If privacy, efficiency, and avoiding court involvement are priorities, a Revocable Living Trust may be the better option. If you have a straightforward estate or are primarily concerned with appointing guardians for minor children, a Will might meet your needs.
The best approach depends on your goals, the size and complexity of your estate, and your family circumstances. Consulting an experienced Estate Planning Attorney can help you decide which plan offers the greatest peace of mind.
Protect Your Legacy with an Experienced Estate Planning Attorney
At the Law Office of Lori Vella, we help individuals and families make informed decisions about wills, trusts, and complete estate plans. We take the time to understand your goals and guide you toward the solution that best protects your loved ones and preserves your legacy.
Lori Vella is an Estate Planning and Business Attorney. She works virtually throughout Florida and New York, but has her home office in Tampa, Florida. She is mom to a little boy which ignited the passion for helping other families. She and her son enjoy car rides, playgrounds and taking mini-adventures. They also have an organic garden that surprisingly yields vegetables. Lori considers herself well-versed in Seinfeld and welcomes any trivia!
Disclaimer: The Law Office of Lori Vella’s website contains general information directed to Florida residents. This firm does not intend to give legal advice through its pages and/or blog. If you need legal advice, we encourage you to find an attorney licensed in your state. This language on this website does not create an attorney-client relationship between you and this firm.