What is the difference between a will and a trust?

What is the difference between a will and a trust?

Attorney Tom Olsen: Bill in DeLand . Bill says, what's the difference between a will and a trust? What do you think?

Attorney Chris Merrill: Bill, that's a great question and that's a question that many people ask. The difference is that a will here in the state of Florida, anything that you put in the will that goes to the beneficiaries, will go through probate. Any trust, as long as you have a living trust and your trust is funded, those assets will not go through probate. The very quick, simple answer is a will has nothing to do with avoiding probate, but a trust does have everything to do with avoiding probate as long as you have it and you have titled your assets correctly.

[crosstalk]

Attorney Tom Olsen: As long as it's properly drafted and properly funded.

Attorney Chris Merrill: Very common that people believe that having a will in and of itself will avoid probate and here in the state of Florida as in most states, having a will in and of itself will not avoid probate.

Attorney Tom Olsen: Let me just clarify that because you and I have heard these words so many times. Tom, I've got a will when I pass away, doesn't it all just happen automatically? That's the word I hear over and over. Isn't it automatic that my heirs get my home and my bank accounts? No, folks. There's nothing automatic about it. If you want to avoid probate, you got to take steps and here at the Olsson Law Group in Orlando, we're all about helping people to avoid probate.

Attorney Chris Merrill: Exactly.