Wills vs. Living Trusts: Which Is Right for You?

Estate planning is about more than preparing for the future, it’s about taking control of your legacy today. At Jimenez-Diaz Law, we help individuals, families, and business owners choose the right tools to protect what matters most. One of the most common questions we hear is: Do I need a will, a living trust, or both?

What Is a Will?

A Last Will and Testament is a legal document that:

• States who will receive your assets after your death

• Appoints a guardian for minor children (if applicable)

• Names an executor to handle your estate

A will becomes effective only upon your death, and it must go through probate the court supervised process of distributing assets. This process can be public, time consuming, and costly, depending on the size and complexity of your estate.

What Is a Living Trust?

A Living Trust (also called a Revocable Trust) is a legal entity you create during your lifetime to hold and manage your assets. You retain full control over the trust while you’re alive, and you can change or revoke it at any time.

Upon your death (or incapacity), a successor trustee takes over, managing or distributing your assets according to your instructions—without going through probate.

Why Many Clients Choose Living Trusts

While a will is simpler and less expensive to draft, it does not avoid probate, and it doesn’t provide any help if you become incapacitated.

A living trust offers significant advantages:

• Avoids probate: No court delays or added costs

• Maintains privacy: Not a public document

• Provides continuity: Helps manage your assets if you become incapacitated

• Protects blended families and businesses

• Easier for out-of-state property and complex estates

That said, a trust must be properly funded, meaning your assets (like your home, bank accounts, or investments) must be retitled in the name of the trust. Our firm handles this process with you to ensure it’s done correctly.

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

Yes. Even if you have a living trust, you’ll still need a “pour-over will” to handle any assets that were not transferred into the trust during your lifetime. It acts as a safety net and ensures all your property ends up where you intended.

So… Which One Should You Choose?

If you’re young, have modest assets, and just need to name guardians for your children, a will may be enough for now.

If you:

• Own a home or multiple properties

• Have business interests

• Want to avoid probate

• Desire privacy and flexibility

• Care about reducing stress for your family

…then a living trust may be the better option.

At Jimenez-Diaz Law, we take the time to learn about your unique goals and create a plan that works for you, not just on paper, but in real life.

Schedule a consultation today to find out which estate planning tools are right for you.

This article is for general informational purposes only and does not constitute legal advice. For legal guidance tailored to your individual situation, please contact Jimenez-Diaz Law.

Sources: Based on general guidance from the American Bar Association, The Florida Bar, IRS publications, and other publicly available legal resources.