Trust vs. Will: Which Do You Need?

If you live in Palm Beach and you’re deciding between a will and a revocable living trust, the real question isn’t which document is “better.” It’s what happens after you pass, how long it takes, and what it costs your family. This guide walks through both as a practical, cost-and-timeline comparison under Florida law.

What a Florida Will Actually Does

A valid Florida will (governed by section 732.502) must be signed by you and witnessed by two people. It names who inherits, who serves as personal representative, and who cares for minor children. The catch: a will only takes effect through probate. Your personal representative files it with the circuit court in Palm Beach County, and the court supervises distribution. For a moderate estate, formal administration commonly runs several months to over a year, with attorney and filing fees that scale with the estate’s size.

What a Revocable Living Trust Adds

A revocable trust (under Florida Chapter 736) is a separate legal container you create while alive. You move assets into it — a Palm Beach condo, brokerage accounts, a vacation property — and you keep full control as trustee. When you pass, your successor trustee distributes those assets directly to your beneficiaries, with no court supervision for the trust property. The trade-off: a trust costs more to draft up front and requires “funding,” meaning you must re-title assets into the trust’s name. An unfunded trust accomplishes nothing.

The Probate Timeline Difference

This is where many Palm Beach families make their decision. A will guarantees probate; a properly funded trust largely avoids it. Florida does offer summary administration for smaller estates (generally under $75,000, excluding exempt property) or where the death occurred more than two years ago, which is faster than formal administration. But for larger or out-of-state-property estates, a funded trust usually settles more quickly and more privately, since trust terms are not filed in the public court record.

Florida Homestead Changes the Math

Your primary Palm Beach residence is constitutionally protected homestead (Article X, Section 4). Homestead passes outside probate in many cases and is subject to special restrictions if you have a spouse or minor children — you cannot simply leave it to anyone you choose. Whether you use a will or a trust, homestead rules apply, so the choice between documents is only part of a complete plan.

Which One Fits You

A will is often enough if your estate is modest, your assets are simple, and you don’t mind a probate process. A funded revocable trust tends to make sense if you own multiple properties (common for seasonal Palm Beach residents with homes in another state), value privacy, want to avoid ancillary probate elsewhere, or want a smoother transition if you become incapacitated. Many plans use both: a trust as the centerpiece and a “pour-over” will as a backstop.

Talk to a Florida Attorney

Document choice depends on your specific assets, family, and goals, and Florida’s homestead and elective-share rules add wrinkles that generic templates miss. Before you decide, speak with a licensed Florida estate planning attorney who can map your Palm Beach assets to the right structure.