According to a study conducted by AARP, nearly 6 out of 10 Americans do not have an estate plan in place. When it comes to estate planning in Tallahassee, two of the most common tools are wills and revocable living trusts. As an experienced estate planning lawyer in Tallahassee, I often encounter questions about the differences between these two options and which is better suited for individual needs. In this blog post, we will explore the three main differences between a will and a revocable living trust and conclude with insights into why, for many, a revocable living trust is the preferable choice. 
1. A Revocable Living Trust Generally Avoids The Probate Process
The most significant difference between a will and a revocable living trust lies in the probate process. A will goes through probate, the legal process of validating the will and overseeing the distribution of the estate. Probate can be notoriously expensive for your loved ones. Additionally, probate can be time-consuming and public. On the other hand, a revocable living trust allows for the distribution of assets without going through probate, offering a quicker, more private transfer of assets. Our estate planning lawyer details probate expenses in this linked blog post.
2. A Revocable Living Trust Offers Greater Control and Flexibility During Lifetime
Another critical distinction is the control and flexibility offered during your lifetime. A will becomes effective upon death, providing no benefits during your lifetime. A revocable living trust, however, takes effect as soon as it's created and funded. It allows you to manage your assets during your life, even in cases of incapacitation, and you can make changes or revoke the trust as you see fit.
Our estate planning lawyer explores and discusses the benefits a revocable living trust plays during incapacitation in greater detail in the linked blog post.
3. A Revocable Living Trust Provides Enhanced Privacy and Confidentiality
Wills are public records, meaning anyone can access them after they are filed with the court in the probate process. This can be a concern for those who value their privacy. A revocable living trust, by contrast, offers a higher level of privacy as it is not subject to public records, keeping the details of your estate and beneficiaries confidential. This is particularly true for law enforcement professionals, who may have a heightened need for privacy. Our estate planning lawyer explores this concept in greater detail in the linked blog post.
Conclusion
While both wills and revocable living trusts have their place in estate planning, for many people in Tallahassee, a revocable living trust is generally the more advantageous option. A revocable living trust offers privacy and flexibility and, most importantly, allows for avoiding the probate process. This means a quicker, more efficient transfer of assets to your beneficiaries, with less legal hassle and cost. As an estate planning lawyer in Tallahassee, I recommend considering a revocable living trust as a cornerstone of your estate planning, particularly if you are looking for a solution that provides both lifetime benefits and ease of asset distribution after your passing.
