Do you need a will and a trust? Making plans for the future and securing your assets can be an overwhelming task, but it is an important one nonetheless. Whether you are just starting out in life or are well into retirement, creating a will and a trust are essential steps to ensure that your wishes are respected and your loved ones are taken care of after you’re gone. But with so much information out there, it can be hard to know where to start.
In this blog, we will explore the world of wills and trusts, breaking down the differences between the two and helping you determine whether you need one, both, or neither. Whether you’re looking to protect your assets, minimize taxes, or simply ensure that your final wishes are carried out, we’ve got you covered. So, let’s dive in and take a closer look at the world of wills and trusts.
Why You Need a Will and Trust
Many people make the mistake of believing that a will is sufficient or that creating a trust is enough. These assumptions are false. These important documents are vital for preparing for the future.
These are the reasons you should have a will as well as trust:
- A trust only covers property that you have written. If you don’t transfer all your assets or property, the trust will not cover it. You can leave smaller keepsakes, such as jewelry and art, to certain people in your will.
- You can name a guardian to care for your minor children by making a will.
- You can avoid the probate process which can be costly and time-consuming. Everything will be kept private, and the successor trustee will take care of it after you die.
- Also, include your funeral wishes in a will. This ensures that these matters are handled according to your wishes.
This isn’t an issue of either/or. While each document has its own benefits, a pair of them can offer the greatest advantages. This is why it’s worth considering including both in your estate plan. You can be confident that your heirs will be well taken care of after your death with a trust and a will.
Get a Free Consultation With Our Skilled Estate Planning Attorneys!
When planning for the future, one of the most important things that you can do is to create an estate plan. Our experienced legal team at The Black Law Company will guide you through the process to create a comprehensive estate plan. This will ensure that your loved ones are taken care of after you have passed away. We can help you plan for the future, even though no one can predict what the future will bring.
Call our law office at 813-321-7380 for a FREE consultation with an estate planning lawyer.
Although you don’t have a will if you create a living trust for your assets, it could be beneficial for your interests. This is because:
- Living trusts and wills are different
- Living trusts cannot include certain instructions
- After your death, you don’t want to leave behind any unanswered questions
Although you can create a living trust or will on your own, we recommend that you work with a lawyer from our office. We can help you understand how Florida law applies in your case, and how to keep your family out of probate court.
What Is the Difference Between a Living Trust and a Will?
Both of these documents, according to the Florida Bar are intended to provide instructions and leave the property after your death.
The key takeaway from this is that a living trust is active as soon as it is created. The grantor may distribute property or other assets prior to their death. However, a will is only valid once the grantor has passed away.
A Living Trust Does Not Include Everything
A living trust is primarily concerned with the distribution of property such as real estate and personal possessions. It does not include guardianship for minor children. This information would be required to be included in your will.
Some trusts are only created for tax purposes.
A Living Trust Does Not Go to Probate Court
A living trust is not subject to probate because it takes effect during the grantor’s life. This is because both the trustee and grantor played an active part in the property distribution.
A will does not have the same luxury. Probate court is required for many wills. This can increase the time it takes for heirs to get their benefits.
Wills Are Standard; Trusts Are Not
A template is all that’s required for your last will and testament. This template can be used to verify the validity of your will. Living trusts are a little more complex.
Understanding the value of your assets, including stocks and bonds, is essential. Florida Statute § 733.817 will also apply to your living trust properties.
You Want To Avoid Possible Complications
A living trust can help you address any issues that could hinder the distribution of your assets. You can prevent your children from believing they are not getting enough.
If there are any problems, your beneficiaries must go through probate. This can:
- Take a while to resolve
- Involve court fees and related expenses
- Stress your family’s relationships
- Access once-personal information, as probate records can be viewed by the public
- Involve tedious filing and paperwork
Your loved ones should be able to grieve your death and celebrate your life. They shouldn’t have to worry about the legalities of your assets.
How The Black Law Company Can Help You With Your Estate Planning Matters
The Black Law Company is a law firm that specializes in estate planning, probate, and trust administration. They can help clients with a variety of estate planning matters, including the following:
Wills and trusts: The Black Law Company can assist clients in creating a comprehensive estate plan that includes a will and trust, if appropriate. This will help ensure that the client’s assets are distributed according to their wishes after they pass away.
Probate and trust administration: If a client has recently lost a loved one, The Black Law Company can help them navigate the probate process and manage the administration of the deceased person’s estate.
Estate tax planning: The firm can help clients minimize the impact of estate taxes on their estate by creating an estate plan that incorporates tax-saving strategies.
Business succession planning: If the client owns a business, The Black Law Company can help them plan for the future of their business by creating a succession plan that addresses their specific needs and goals.
Asset protection: The firm can assist clients in protecting their assets from creditors, lawsuits, and other potential threats by creating a comprehensive estate plan that includes asset protection strategies.
By working with The Black Law Company, clients can have peace of mind knowing that their estate planning matters are being handled by experienced and knowledgeable attorneys who are committed to helping them achieve their goals.
Schedule a FREE Consultation Today!
At The Black Law Company, we understand that estate planning can be an overwhelming and complex process. Our team of experienced attorneys is here to help you navigate these challenges and create a comprehensive estate plan that meets your specific needs and goals. With a focus on providing personalized and compassionate service, we will work with you every step of the way to ensure that your wishes are honored and your assets are protected. Whether you are looking to create a will, trust, or manage the probate of a loved one’s estate, our team has the knowledge and expertise to guide you through the process.
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Whether you’re looking to plan for your own future or the future of your business, we are here to help. Schedule a consultation with us today to learn more about how we can help you with your estate planning matters.