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Do I Need a Will or a Trust?

There is a Plan for everyone

What is the difference between a will and a trust?

A will and a trust are both great planning tools that make clear your wishes regarding how your assets will be distributed upon death, but they work differently. The will is is a legal document that states who should get your things and who should take care of any minor children you have after you’re gone (known as a guardian). The will only becomes effective after you pass away. However, it often has to go through a legal process called probate, which can be a long and expensive process. Also, your will becomes public record, so anyone can see what you’ve written in it.

On the other hand, a trust is like a container that holds your belongings while you’re alive and after you die. You transfer ownership of your things to the trust, which is managed by someone you choose called a trustee. Trusts can start working while you’re still alive (typically during a time of incapacity) or after you die. The trust can help avoid probate, which means your belongings can be passed on to your loved ones faster and with less hassle. Plus, trusts can keep your affairs private since they are not filed with the court and don’t become public record.

Is a will or a trust better

Deciding between a will and a trust depends on your situation. If your affairs are simple and you’re okay with the probate process, a will might be enough. But if you have a lot of belongings, want to keep things private, or have special circumstances like minor children or complex assets, a trust could be a better choice. Trusts offer more flexibility and can provide ongoing management of your belongings, especially if you become unable to handle them yourself. It’s best to speak to an estate planning attorney near you to figure out which option is right for you.

Estate Planning Basics

What is Estate Planning

Estate planning involves the strategic organization of one’s assets, properties, and financial affairs to ensure a seamless transfer of wealth to chosen beneficiaries upon the individual’s passing. This comprehensive process typically includes the creation of a will, establishing trusts, designating beneficiaries for life insurance policies and retirement accounts, and making provisions for the management of healthcare decisions and financial affairs in case of incapacity. A well-crafted estate plan not only provides peace of mind for the individual but also streamlines the inheritance process for loved ones, contributing to a smoother transition of assets and reducing the burden during an already challenging time.

Who needs estate planning

Everyone needs an estate plan to safeguard their assets, provide for their loved ones, and ensure their wishes are honored after they pass away. Without an estate plan, state laws dictate how assets are distributed, often resulting in prolonged legal processes, higher taxes, and potential disputes among heirs. An estate plan allows individuals to designate beneficiaries, plan for incapacity, and establish clear instructions for the distribution of assets, thereby avoiding unnecessary complexities for their family. Whether one has substantial wealth or more modest assets, an estate plan is a crucial tool to secure financial stability, protect loved ones, and maintain control over the legacy they leave behind.

What is ‘in’ an estate plan?

An Estate plan typically includes the following:

Last Will and Testament: Outlines how your assets should be distributed and appoints guardianship for minor children.
Revocable Living Trust: Allows for the management and distribution of assets during your lifetime and upon death, bypassing probate.
Financial Power of Attorney: Designates someone to make financial decisions on your behalf if you become incapacitated.
Healthcare Power of Attorney: Appoints someone to make medical decisions for you if you’re unable to do so.
Living Will (Advance Healthcare Directive): Communicates your preferences for end-of-life medical treatment.
Designation of Health Care Surrogate: Choose who will be your voice in a time of medical emergency.
Beneficiary Designations: Specifies individuals who will receive proceeds from life insurance, retirement accounts, and other accounts.
HIPAA Authorization: Grants permission for healthcare providers to disclose your medical information to specified individuals.

Coral Springs Estate Planning | Florida Probate

There are many options when it comes to hiring a Florida Attorney. If you’re reading this page then you’re likely at an important stage in your life and in need of an experienced attorney by your side. Our firm works hard to differentiate from the rest by prioritizing the relationships we build with our clients. Our attorney is nationally recognized and has achieved her status in part due to always valuing relationships first.

Give us a call today to see how we may help you (954) 999-9683.

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The Legacy Law Firm is a premier probate and estate planning law firm in South Florida. We opened our doors in 2018 with one goal in mind: to ensure every client felt like a top priority, because they are. We understand you have many options when hiring legal counsel and never take it lightly when you choose us. You always matter.

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© Copyright 2018-2023 The Legacy Law Firm. All Rights Reserved. The information contained in this website is not the equivalent of legal advice and should not be used as such. All information found in this website has been created for general and informational purposes only. Nothing contained on this website is intended to or constitutes the creation of an attorney-client relationship with The Legacy Law Firm or it’s attorneys. This firm is registered to practice in the state of Florida.