Many people choose living trusts that include provisions on wealth distribution after their death.
Clearwater, FL – At some point in your life, you need to think about the inevitable – what will happen to your family and your assets when you’re gone? While this is definitely an emotional moment, you should not let your emotions overwhelm you. You must think about what’s best for your family.
You have two main options here – preparing a last will and testament or setting up a trust. Actually, you can use both, as certain types of trusts only kick in after your passing.
Let’s have an in-depth look at both options.
Wills
Writing a will means you get to decide what happens with your assets after your passing. If you don’t have a will, your wealth will be distributed among your heirs according to Florida law.
Don’t trust online tools to deal with such an important issue as you may create a lot of problems for your heirs. Talk to an experienced wills and trusts lawyer in Clearwater and let them guide you through the process.
For instance, you’ll have to name a personal representative to administer your estate and make sure your wealth is distributed according to your wishes. If you have minor children, you must appoint a guardian for them. Don’t ever let this to the court.
Also, don’t rely on putting your last wishes on a piece of paper, as some of your heirs may contest the validity of the document. To avoid unpleasant situations, talk to an estate planning lawyer to make sure your will is correctly witnessed and executed.
Keep in mind that you can always update your will should you need to do so. You can do this by drafting a new will or by creating a “codicil,” or an amendment to the original will. Once again, you must go through the legal formalities to ensure the document is valid.
Trusts
Under Florida law, you have various options for trusts. You can create a living trust or one that only becomes effective after you’re gone.
Many people choose living trusts that include provisions on wealth distribution after their death.
All you have to do is contact trustworthy Florida estate planning lawyers.
The purpose of a trust is to hold assets for you, the grantor, or for others you choose, the beneficiaries. You can also appoint trustees to manage the estate according to your wishes.
Trusts are often preferred by wealthy families as this way they can avoid certain estate taxes. Also, unlike a will, a trust doesn’t go into public records so privacy is assured. You should also consider setting up a trust to provide for someone with special needs. For instance, you can make sure they receive some money without having to forfeit their Medicaid.
When you set up a trust you can also include provisions to decide what happens if you become incapacitated or even who gets to decide on your health care and end-of-life matters.
If you don’t know what to choose, consult with an experienced lawyer and let them find the best solution to take care of your family’s needs.
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