A will is an undeniably important part of a Florida estate plan, but there are limits to what you might be able to do through a traditional will. Certain estate planning tools, such as trusts, might enable you to do things a will does not, and sometimes, establishing one or more types of trusts leads to notable benefits.
According to Kiplinger, you may be able to use a trust, as opposed to a will, if you wish to do the following.
Protect public assistance eligibility
Sometimes, leaving too much behind for your loved ones leads to problems. If any of your beneficiaries use government benefit programs, such as Medicaid or Social Security Disability Insurance, and you leave those beneficiaries substantial assets, your doing so may make them ineligible for benefits during means-testing.
Avoid probate or cut probate costs
When you die, some of your estates may have to go through probate, which is the legal process involved in proving your will. Probate often takes time and money. However, when you place assets into trusts, those assets may avoid the probate process, meaning they make their way to your beneficiaries faster.
A trust may also serve you well if you wish to leave assets behind for someone you do not necessarily trust to manage them well. For example, if one of your children is a spendthrift or struggling with a substance or gambling dependency, you may not want to leave that individual a large chunk of money all at once.
Different types of trusts exist to help you accomplish different estate planning goals. The trust, or trusts, that may meet your needs most might depend on the specifics of your financial and familial situations.