Some families may find that a trust is the best way to meet all of their estate planning goals and avoid wasted time and additional expenses.
Local news for Stuart, Florida reported on some useful ways that someone can plan for the future with a will, trust, or estate plan.
Wills can be useful but trusts may be better for many families
A last will and testament is sufficient to meet some basic estate planning needs. Wills are good for many individuals who have a simple estate, but the family will still have to retain an attorney and go through the probate courts. This can be expensive and time consuming depending on the family’s situation. Another option is to set up a revocable trust that can be changed while the testator is still alive. For many people, this offers the most control to have their family’s desires fulfilled in an efficient way.
A trust is advantageous in a number of situations because it can avoid the probate courts. The details of the trust will not become public record through the clerk’s office, as there is no court record of the event, ensuring that a family’s financial affairs and other matters can be kept private. This kind of publication has also led to extended family members emerging and starting a will contest to take a share of the estate, which can be very problematic for a family. The trust will only involve the named administrators and anyone else who is specifically mentioned.
A trust can also distribute assets or inheritance immediately. A probate proceeding to execute a will and pay out the estate can sometimes take months or longer. The executor of the estate will have to pay out fees and other costs before anyone can begin to see their inheritance.
The trust can be customized in a number of ways to distribute payments at certain intervals, provide for certain known expenses, or exclude other family members entirely if needed. To summarize, many estate planning professionals feel that a revocable living trust is the simplest and best way for someone to control the disposition of their property and assets during and after their life.
The advantage of estate planning with a lawyer’s help
Attorneys who deal with property law, probate, and estate planning routinely assist clients with creating the most efficient and secure kind of legal documentation that will distribute their estate according to their wishes.
Get help with wills and estate planning from a local attorney on Florida’s treasure coast
A lawyer can provide more specific advice and guidance based on your estate planning needs. To receive more information, contact:
850 NW Federal Highway, #1004, Stuart, FL 34994