Trust vs. Will: Which Do You Need? (A Miami Checklist)

Most Miami families don’t need to choose between a will and a trust – they need to understand which job each one does. A will directs who gets what after probate; a revocable living trust can skip probate entirely. Here’s a practical checklist to figure out the right combination for your situation.

What a Florida will does

A valid Florida will (executed under Sec. 732.502 – signed, witnessed by two people, and signed by them in your presence) names your beneficiaries, your personal representative, and guardians for minor children. The catch: a will must go through the Florida probate court, governed by the Probate Code (Chs. 731-735). For Miami-Dade residents that means a court process in the local circuit, which becomes public record.

What a revocable living trust does

A revocable living trust (Chapter 736) holds your assets while you’re alive – you stay trustee and keep full control. When you pass, a successor trustee distributes assets directly to beneficiaries without probate, privately and often faster. You can amend or revoke it any time.

Checklist: lean toward a will-only plan if…

• Your estate is modest and most assets already pass by beneficiary designation (life insurance, retirement accounts, POD/TOD accounts).
• Your home qualifies for Florida homestead and will pass to a spouse or descendants – homestead often passes outside probate or through a streamlined process.
• You qualify for summary administration (estate under $75,000 in non-exempt assets, or the decedent has been deceased more than two years).
• You want the simplest, lowest up-front cost and don’t mind the probate process.

Checklist: lean toward a revocable trust if…

• You own a Miami condo or rental plus out-of-state property – a trust avoids a second “ancillary” probate in another state.
• Privacy matters to you – trust administration stays out of the public court file.
• You want a smooth handoff if you become incapacitated, without a court-supervised guardianship.
• You have a blended family or want staggered distributions (e.g., to children at certain ages) rather than a lump sum.
• Your estate would likely require lengthy formal administration in court.

You usually need both

Even with a trust, Florida planners pair it with a “pour-over” will. That will catches any asset you forgot to retitle into the trust and routes it there. Skipping the will leaves a gap. So the real question isn’t “will OR trust” – it’s whether to add a trust on top of the foundational will.

The step most people skip: funding

A trust only avoids probate for assets actually titled in its name. If you create a trust but leave your Coral Gables house and bank accounts in your own name, those assets still go through probate. Funding the trust – retitling deeds and accounts – is the work that makes it pay off.

Quick decision checklist

1. List your assets and how each one is currently titled.
2. Mark which already pass by beneficiary designation.
3. Flag any out-of-state property (a strong trust signal).
4. Decide how much privacy and incapacity protection you want.
5. Estimate whether your estate would qualify for summary administration.

Talk to a Florida attorney. Homestead rules, spousal rights, and proper trust funding all affect which approach saves your family the most. A Florida-licensed estate planning attorney serving the Miami area can match the right documents to your assets.