Thinking about death is never easy, let alone planning for it. But ensuring that your assets are distributed to your heirs fairly and according to your wishes is vital if you truly care about your family and their wellbeing even if something happens to you…
Many Florida residents tend to think that you only need to set up an estate if you have vast assets. In reality, however, our best estate planning attorneys in Wesley Chapel at DHW Law say that establishing a viable estate plan is crucial even if you are a person of modest means.
But in order to prevent your hard-earned money from being flushed down the tubes, our Wesley Chapel estate planning attorney advises to choose the strategy that would be best suitable in your particular circumstances. In this case, we have a living trust and will.
What is difference between a living trust vs will and what are the benefits of each?
Living trust vs will: comparison and difference
In order to determine the right estate planning strategy, let’s figure out what’s a will and what’s a living trust. A will is a written document that lays out how you wish your property and assets to be distributed among your children, grandchildren, and other dependents after your death.
A will can be amended and revoked at any time during your lifetime. Also, if you have a will, you can appoint a guardian for your minor children.
A living trust, on the other hand, appoints the successor trustee, who would take on the responsibility of after-death property management. The greatest advantage of a living trust versus a will is that it allows the successor trustee to manage your property and assets upon your incapacity, disability or illness.
In many cases, where the disabled or ill person who no longer can manage his or her assets has no living trust, court intervention is required to figure out who of the disabled’s dependents will be taking care of the trust property.
Our Wesley Chapel estate planning attorneys at DHW Law explain that court intervention is not only expensive and exhaustive for all family members of the disabled, deceased or ill, but also provides them with unnecessary and preventable publicity and inconvenience.
Benefits of a living trust
Our skilled estate planning attorneys in Wesley Chapel say that setting up a living trust is a good idea to:
While setting up a living trust may sound like a good idea, it’s not the best estate planning strategy for everyone. After all, so many benefits of a living trust come at a price.
If some or all of the benefits that a living trust has to offer are useless in your particular circumstances, spending more on a living trust than you would on a will could be a waste of money. Only an experienced estate planning attorney in Wesley Chapel can determine what’s the best option if your case after reviewing your particular circumstances.
An attorney would consider the following factors when choosing between a will and living trust:
It’s highly advised to consult a competent estate planning attorney at DHW Law to choose the right option in your particular case, as both a will and living trust accomplish similar objectives and can be confusing when you don’t know what’s best for you.