Is A Will Just As Good As A Trust?
If you have a trust, you should still have a will. A will can handle assets that you have not placed inside of a trust. A will can also be advantageous if you have property but no preference on who it is transferred to, or if you want assets divided between multiple people and expect some sort of disagreement between them. In situations like these, it may be helpful to have a will so that the matter can be supervised by a court.
How Does A Trust Avoid Probate?
A trust avoids the probate process because the assets placed within it are treated as if they’re owned by the contractual entity (the trust). Therefore, when you pass away, the successor trustee that steps into your place is able to take control of it. By placing assets in a trust, you can avoid having to transfer title because the trust will have designated successors put in place.
Additional Information On Trusts In Florida
Trust planning can offer a lot of flexibility. When drafting a trust, it is important to consider multiple “what if” scenarios, so that if these situations were to occur, they would be approached according to the trust directions. As an example, a trust provision could be drafted that states if the value of property Y goes over the price of one million dollars prior to the year 2025, then the trustee will sell and liquidate that property and distribute the proceeds to the beneficiaries.
By using “If, then” statements and other conditional language within a trust, we can create a plan that is tailored to your wishes or particular investment goals. A lot of people do not want to invest in certain things that they find morally objectionable. These are the types of things that we could include in the trust. For example, you hold a large investment in a firm that announces they will begin investing in military technology, something you are morally opposed to, a term within your trust could state that funds would be liquidated and capital redeployed.
When it comes to estate planning, understand that what you are paying for is the knowledge and expertise you’re getting, as opposed to just paying for the time to draft the trust. When choosing a trust attorney, you should look for someone who is an expert in identifying the problems and needs of their clients in order to draft a trust that can best serve them.
For more information on Will Vs. A Trust In The State Of Florida, a free consultation is your next best step. Get the information and legal answers you are seeking by calling (954) 546-7755 today.
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