Wills v. Trusts in Boca Raton
Wills and Trusts are both important parts of an estate plan that determines what happens to your assets after your death, but their purposes and legal requirements differ vastly. Wills outline how assets are to be distributed to beneficiaries upon someone’s death. Trusts can also ensure certain assets are distributed to beneficiaries but unlike Wills, they may assist in avoiding the probate process. Below, our Boca Raton estate planning lawyer outlines the main differences between these two legal documents so you can better understand which one is right for you.
What Benefits Do Living Trusts Have Over Wills?
Setting up a Trust is a way to simplify the transfer of your assets to your beneficiaries after you pass away. You can appoint a trustee to manage the Trust during your lifetime. This Trustee can be you or someone else. You can also appoint a successor trustee should you become incapable of handling your affairs. The main benefit of Living Trusts is that your beneficiaries will receive the assets from your estate much more quickly after you pass away, as trusts are not subject to the probate process.
Because Florida Statutes require you to use a lawyer when creating a Trust, there is less of a chance that anyone will be able to challenge it successfully. This can protect your estate from additional legal costs associated with fighting these challenges and the full value of your estate would be passed to your beneficiaries.
What Benefits Do Wills Have Over Trusts?
Wills are legal documents that provide directions for how your estate and personal affairs should be administered after you pass away. Unlike Trusts, you do not need a lawyer to draft a Will. However, it is recommended that you obtain the services of an attorney to reduce the likelihood that someone will challenge the Will after your death. Since Wills are usually easier to create than Trusts having a Will instead of a Trust may help you reduce your legal fees.
Do You Need a Will or a Trust?
Whether you need a Will or Trust will depend entirely on your situation. Individuals who do not have complex estates may require a Will only. Those who have significant assets may wish to protect them within a Trust.
There are many instances when people can benefit from both a Will and a Trust. For example, if you have minor children, a Will can outline your wishes as to who the guardian of your children should be when you pass away. A Trust, on the other hand, will control how the children can receive your estate’s assets once they reach a certain age.
Our Estate Planning Lawyer in Boca Raton Can Help with All Your Needs
If you are planning for the future, you need sound legal advice. At SAMUELS WOOD PLLC, our Boca Raton estate planning lawyer can advise which legal options are right for you. Call us now at 561-864-3371 or contact us online to schedule a consultation and learn more.