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Email Us NowWill vs. Trust vs. Lady Bird Deed in Florida: Which Estate Planning Option Is Right for You?
When planning for the future, one of the most important decisions you can make is choosing the right estate planning tools to protect your assets and provide for your loved ones. In Florida, a Last Will and Testament, Revocable Living Trust, and Lady Bird Deed can each play an important role in an estate plan, but they serve different purposes and have different effects during your lifetime and after your death.
Understanding the differences between a Will, Trust, and Lady Bird Deed can help you determine which tools may fit your goals. Depending on your assets, family circumstances, and long-term plans, your estate plan may involve one of these options or a combination of several estate planning tools.
At Perez-Roura Law, we help individuals and families throughout Florida understand their estate planning options and develop plans tailored to their particular circumstances and objectives.
Comparing a Will, Revocable Living Trust, and Lady Bird Deed in Florida
No single Estate Planning tool is appropriate for every situation. A Will, Revocable Living Trust, and Lady Bird Deed differ in the types of assets they can address, whether they can help avoid probate, the level of privacy they provide, how they operate during a person’s lifetime, and the circumstances in which they are commonly used.
The comparison chart below provides an overview of key differences among these three Florida Estate Planning tools.
Swipe horizontally to view the full comparison.
| Comparison | Last Will & Testament | Revocable Living Trust | Lady Bird Deed |
|---|---|---|---|
| Primary Purpose | Leave an inheritance to your loved ones. | Leave an inheritance to your loved ones without going to Court, and add conditions (such as reaching a certain age). |
Leave real estate as an inheritance without family having to do anything (title passes immediately upon death). |
| Best Suited For | Everyone. | People who own property other than their home; business owners; people with complex family dynamics (for example, children from different relationships, disabled beneficiaries, etc.). |
People who are certain they want to leave the property to the person they are naming, with no plans to ever sell the property. |
| Assets It Can Cover | Anything, anywhere. | Anything, anywhere. | Real estate, but only in states that authorize it (only around 5 states allow it, with Florida being one). |
| Helps Avoid Probate? | No. A Last Will and Testament only works through Probate. |
Yes. | Yes. |
| Privacy | No. The Will is deposited with the Court after death. |
Yes(ish). The trust itself is private, but any property titled to the trust will show that it is owned by a trust and the name of the trustee. |
No. The Ladybird Deed is recorded in the public records. |
| Effective During Lifetime or After Death? | There are no uses during life. | Yes. It can help during life, such as, for example, if the Grantor/Settlor becomes mentally incapacitated. |
Yes(ish). It is “effective” from the view that it is recorded during life, BUT the grantor retains all legal rights during life. No, because it does not help plan for incapacity. |
| Can It Be Modified or Revoked? | Yes. | Yes. | Yes. |
| Typical Planning Scenarios | Every planning scenario – everyone should have a Will. | Most common: people with investment properties and/or an active business. Also, people with children from different relationships (or in a relationship and their spouse has children from a prior relationship). |
Most common: an elderly person who has no intention of selling their home and is certain they want to leave it to a specific person(s). |
| Potential Limitations | Does not plan for incapacity. | Only covers assets titled to the trust. | Does not plan for incapacity. Can also cause issues if selling the property because some title insurance companies will require the remaindermen to sign. |
| Can It Be Combined With Other Estate Planning Tools? | Yes. | Yes. | Yes. |
Frequently Asked Questions About Wills, Trusts, and Lady Bird Deeds in Florida
Choosing between a Will, Revocable Living Trust, and Lady Bird Deed depends
on your assets, family circumstances, and estate planning goals. Below are
answers to some common questions about how these estate planning tools differ
in Florida.
Does a Will avoid probate in Florida?
No. A Last Will and Testament works through the probate process. A Will
allows you to leave an inheritance to your loved ones, but it does not
avoid probate.
Does a Revocable Living Trust avoid probate in Florida?
Yes. A Revocable Living Trust can help avoid probate for assets that are
properly titled to the trust. A Trust can also allow you to place
conditions on an inheritance, such as requiring a beneficiary to reach a
certain age.
Does a Lady Bird Deed avoid probate in Florida?
Yes. A Lady Bird Deed can allow Florida real estate to pass to the named
beneficiary upon the owner’s death without going through probate for that
property. The grantor retains legal rights to the property during life.
What is the difference between a Will and a Trust in Florida?
One important difference is probate. A Last Will and Testament works
through probate, while a Revocable Living Trust can help avoid probate
for assets titled to the trust. A Trust can also assist with planning
during the grantor’s lifetime, including in the event of mental
incapacity.
What is the difference between a Trust and a Lady Bird Deed?
A Revocable Living Trust can address different types of assets that are
titled to the trust and can also assist with incapacity planning. A Lady
Bird Deed is specifically used for real estate in states that authorize
it, including Florida, and does not provide incapacity planning.
Can a Will, Trust, or Lady Bird Deed be changed or revoked?
Yes. A Last Will and Testament, Revocable Living Trust, and Lady Bird
Deed can each be modified or revoked.
Is a Will, Trust, or Lady Bird Deed private?
They provide different levels of privacy. A Will is deposited with the
Court after death, and a Lady Bird Deed is recorded in the public records.
A Trust itself is private, although property titled to the Trust may show
that it is owned by a Trust and identify the trustee.
Can you have a Will, Trust, and Lady Bird Deed at the same time?
Yes. A Will, Revocable Living Trust, and Lady Bird Deed can be combined
with other estate planning tools. The appropriate combination depends on
your assets, family circumstances, and estate planning objectives.
Who may benefit from a Revocable Living Trust?
A Revocable Living Trust is commonly used by people with investment
properties or an active business, as well as people with more complex
family dynamics, such as children from different relationships or
disabled beneficiaries.
Who may benefit from a Lady Bird Deed in Florida?
A Lady Bird Deed is commonly used when a person is certain that they want
to leave real estate to a specific person or persons and has no intention
of selling the property.