What is the difference between a will and a living trust?
Preparing for the probate and estate litigation process can feel like an overwhelming task. We often get asked what the difference is between a will and a living trust. We have outlined a few things to consider around this topic as you’re preparing for this process and seeking out an attorney.
While the laws surrounding the probate and estate litigate process may vary state by state, the definition of a will and a living trust are pretty common, even in Florida. A will is a document that determines how one’s assets will be distributed upon death. A living trust can do the same thing, but it can also provide for management of assets after one’s death. One of the first differences you’ll notice between a will and a living trust is that a will goes through probate court and the details become public after a person has deceased, while a living trust is private.
People often carry the misconception that if they put their assets in a living trust and the trust becomes a separate legal entity from the grantor, they lose control over those assets. That is just not true, but while a revocable living trust can be modified at any time, that does not mean that it is always what a person needs. It is always best to coordinate with an estate planner and attorney to decide how you want to plan everything out for you and your family.
These are very broad brushstrokes on the difference between a will and a living trust. At Greene & Greene, it is our mission to provide superior legal representation, service and value to our clients. Our attorneys are all experienced litigators who handle your case personally. If you are interested in engaging our firm, consultations are scheduled as needed and we are happy to accommodate your calendars.