If you’ve spent years building wealth, whether through your career, smart investments, or real estate, it’s only natural to start thinking about how to protect it. For many of the families we work with here in Winter Garden, estate planning becomes an essential next step in their financial journey.
At some point, most people ask the same question:
“Do I need a will, a trust, or both?”
It’s a smart question. And the answer depends on your goals, the complexity of your assets, and how you want to take care of the people who matter most to you.
What’s the Difference Between a Will and a Trust?
A will is a legal document that outlines how you want your assets distributed after your passing. It can also designate guardians for minor children and clarify your final wishes.
Wills go through a court process called probate, which is public and can take time to resolve. While this may not pose an issue for everyone, many individuals – particularly those with more substantial or complex estates – prefer to avoid probate due to the potential delays and legal costs involved.
A trust, on the other hand, offers greater control and privacy. It allows you to transfer ownership of your assets into a legal structure during your lifetime. A trust can dictate exactly how and when those assets are distributed, without going through probate.
When Is a Will Sufficient?
If your estate is relatively straightforward – for example, one home, a retirement account, and no complicated family dynamics – a will may be a good place to start. It ensures your wishes are documented and your loved ones have clear guidance.
When Is a Trust Better?
We often recommend trusts for clients who:
- Own property in multiple states
- Want to keep their estate matters private
- Have a blended family or specific wishes for how assets are distributed
- Would like to avoid probate
- Want to plan for incapacity or long-term care
- Are looking to provide structured support to beneficiaries over time
Trusts can also help reduce estate taxes and protect assets for future generations, which is especially important for families with more substantial wealth.
Why Estate Planning Deserves Your Attention
No one wants to leave behind confusion or conflict. Without a solid estate plan, even well-meaning families can end up facing legal challenges, delays, and unintended outcomes. Estate planning provides clarity, protects your legacy, and ensures your values carry on.
What’s Right for You?
There’s no one-size-fits-all answer. The right plan depends on your life stage, financial picture, and personal priorities. That’s why it’s important to sit down with a trusted advisor who understands both the financial and relational sides of estate planning.
At First Wealth & Trust, we work closely with individuals and families in Winter Garden and Clermont to develop customized estate strategies that reflect their values and protect what they’ve worked hard to build. Whether you’re preparing for retirement, managing significant assets, or simply want peace of mind, we’re here to help you make confident, informed decisions, just like we’ve helped local families for generations.
Let’s start the conversation and ensure your legacy is preserved, protected, and passed on with care.
Trust and investment services are not FDIC insured, not deposits of the bank, not guaranteed by the bank, not insured by any government agency, and may lose value.