Trusts and a Will are important pieces of estate planning. Both are used to pass along assets to beneficiaries after death. However, depending on your needs you may find one much more sufficient than the other.

Trusts

A Trust is commonly created to minimize estate taxes and avoid probate proceedings; however, a Trust can offer several other advantages as well. It can be used to manage assets while you are alive, if you become incapacitated, or upon your death; whereas a Will only goes into effect upon your passing.

A Trust allows you to specifically name the person you are entrusting to act as your Trustee. Your Trustee is tasked with carrying out your wishes and overseeing and managing the assets named in your Trust on behalf of your beneficiaries. It can also specifically name your beneficiaries, assign a guardian to be responsible for the care of your dependents or pets.

Trusts can be arranged in multiple ways and they usually specify exactly how and when the assets pass along to the beneficiaries.

Wills

A Will is a legal document that specifically outlines your personal wishes and desires of how your assets and property will pass, and to whom they will pass on to, upon your death. Your Will specifically names the person you are entrusting to act as your personal representative or executor to ensure your wishes are carried out. It can also specifically name your beneficiaries, provide funeral directions, and also assign a guardian to be responsible for the care of your dependents or pets.

A Will ensures your assets and property pass ownership based on your wishes and not based on the judgment of the law and protects your family from disputes and additional stress. While there are a few “do it yourself” templates that allow you to make your own Will, these templates typically don’t account for all the unique situations your family will need to include in a Will.

Estate Planning Attorneys Provide Insight and Expertise in Asset Planning and Division

There are a significant number of ways in which a Trust may meet your needs more completely than a Will—or for some, a Will over a Trust.  The attorneys of a family law practice or estate planning lawyer, like Myrthil’s Law P.A., know the legal system and have helped guide many estate planners in figuring out the best option for them.

If you don’t seek assistance from a licensed attorney, you run the risk of leaving holes in your Will or Trust that others could exploit. To make sure your wishes and concerns are carried out, exactly as you originally intended, it is imperative that you hire an attorney with significant experience in handling Wills and Trusts.

Remember, both documents involve going through the legal process.  When attempting to understand how the probate laws work in Florida, you’ll want professional and knowledgeable assistance.  Don’t seek help from inexperienced attorneys. Contact attorney Luby Myrthil today to schedule a consultation.

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