Should You Draft a Will or a Trust?
Wills and trusts are both important aspects of many estate plans. Both of these legal documents allow you to determine how your property will be distributed after your death. There are some differences between wills and trusts, though, which can make it difficult to determine which one is right for you. Below, our Tampa wills lawyer outlines the differences between the two and how to determine which option is right for you.
Wills vs. Trusts in Florida
Before determining whether a will or trust is best for your situation, it is important to understand the purpose of each of these documents. In your will, you can dictate who you want to receive your property after you pass away. You can also name a guardian for your minor children, as well as designate a personal representative who will oversee and administer your estate. While wills have many benefits, they will not help you avoid the probate process.
A trust, on the other hand, protects your assets during your lifetime and your loved ones after you pass away. After creating a trust, you must fund it which involves transferring property into it. The trust is a separate legal entity from you, so the property is not technically yours, but instead it belongs to the trust. This can help your loved ones avoid probate after your death, while also allowing you to manage the property within the trust during your lifetime.
Should You Draft a Will or Trust?
The estate plan that is right for you will depend on your needs, goals, and personal circumstances. As such, without first fully reviewing the facts of your case, it can be impossible to determine which legal document is right for you. Below, our Tampa wills lawyer outlines some factors to consider:
- Summary administration: In Florida, an expedited probate process is available for estates that are valued at $75,000 or less and when the deceased passed away more than two years ago. If you think your estate will qualify for summary administration, you may only need a will to address your family’s needs.
- The type of property you own: You can only include certain types of property within your will, such as assets that are solely in your name. A trust will impact any property it has been funded with, such as a life insurance policy.
- Appointing guardians: Although a will allows you to name a guardian for your minor children, a trust does not. If you have minor children when creating your estate plan, you should absolutely draft a will and then determine if you need a trust, as well.
- The cost: A trust does have many benefits, such as helping your loved ones avoid probate, but those benefits come at a cost. Cost should never be the determining factor in your estate plan, but it is something you should consider.
Our Wills Lawyer in Tampa Can Draft Your Documents
At Messina Law Group, P.A., our Tampa wills lawyer can advise on your case, help you determine which option is right for you, and execute your plan properly so it provides the protection you and your family need. Call us now at (813) 492-7798 or chat with us online to schedule a consultation and to get more information.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
