Should I have a will or a trust? This is a common question that many people ask themselves. Many people have heard of wills and trusts mentioned at least once their lives. Most people have a better understanding of what it means to have a will, and a little less so when it comes to the topic of trusts. If you don’t have a good understanding of either, then that’s okay too. In today’s world, a lot of us seem to be constantly barraged with negative stories. It makes sense that we would want to avoid anything that may seem to be negative. The idea of creating a will or a trust may not seem all that enticing. When it comes to the creation of a will, some people may think the idea is too depressing to think about. Unfortunately, this isn’t a way to think about it at all. If anything, by planning for the future, you are showing how thoughtful and smart of a person you are by the creation of a will. The same can be said of the creation of a trust. Wills and trusts are often discussed hand-in-hand. Should I have a will or a trust? That’s a good question. Let’s take a look at the two in a little more detail. Below we are going to scratch the surface of wills and trusts, and why you may want to consider either one. Of course, it is always best to meet with an attorney to discuss your options. At Bret Jones, P.A., we would be glad to discuss both options with you in more detail. Here’s a little look at wills and trusts below, and whether or not you should have a will or a trust.
Should I have a Will or a Trust? The Will
If you want to decide who will receive your property after you have passed, you will want to have a will drafted according to your wishes. In addition, if you want to make sure that certain loved ones are provided for in a certain manner after your passing, then a will is also a good idea. If you pass away without a will, Florida has statutes that decide how your assets are to be distributed. Rather than letting the State of Florida decide how your property will be distributed to heirs, why not make the decision yourself?
In Florida, a will must be a written document in order for it to be legally binding. A will cannot be oral or spoken in Florida. In addition, a will must be signed by the testator at the end of the will. The testator is the legal terminology used to describe the creator or maker of a will.
Should I have a will or a trust? At the very least, you should have a will. This way, you can decide how your remaining property will be distributed upon your passing. Remember, although Florida has a set of laws in case you pass on without a will, it is easier for surviving family and loved ones if you have a will drafted that reflects your wishes.
Should I have a Will or a Trust? The Trust
A trust may be an option for you to consider during estate planning. If you are coming to an attorney to have a will drafted, then consider speaking with them about a trust as well. Should I have a will or a trust? A trust might be something to consider. There are a few types of trusts. If you are considering having a will drafted, then you may want to have a living trust created.
What is a living trust? You may have heard of a living trust as a revocable trust or an inter vivos trust. A living trust is a trust that is created while a person, the settlor, is alive. What is the purpose of a living trust? The purpose is to manage the assets or property of the settlor during their lifetime. Additionally, the living trust can be used to transfer remaining property once the settlor is deceased. As a result, some people create a living trust as a way to bypass the probate process. Also, it may be possible to save on taxes at death in this manner.
If you are the settlor of living trust, it is possible to terminate the living trust at any time. Hence, a living trust is also called a revocable trust, because the settlor can choose to revoke the trust at any time. Another interesting aspect of a living trust is deciding who will be the trustee of the trust. The main duty of the trustee is to manage the property of the trust. Although it is possible for a settlor to choose a person, bank, or trust company to act as the trustee for the trust, a settlor may also choose to be the trustee of their own living trust. As the trustee has the duty to manage the property of the trust, this also includes investing the trust property. It is important to note that just because a settlor decides not to be the trustee of their trust, they can still access funds that are a part of the trust.
As you can see, there are a lot of details regarding trusts and wills. Determining which one is best for you is entirely based on your individual circumstances. Everyone’s life is unique and different, so don’t be influenced by what other people decide to do. What you want to do is up to you based on the information that an attorney can provide to you. One of the best ways to find out more information on whether a trust or will would be a good option for you is to discuss your options with an attorney. An attorney can go in detail regarding the pros and cons of whether or not you should have a will or a trust. The most important thing to take away from wills and trusts is the knowledge that they are both available for you to consider.
Reach Out to Bret Jones, P.A.
If you are still unsure, and wondering, “Should I have a will or a trust?”, reach out to us at Bret Jones, P.A. Our team would be more than happy to speak with you in more detail about wills and trusts. Your first consultation with us is free, so why not have any questions answered?
We do our utmost to ensure that the experience that our clients have at our office is as enjoyable as possible. We want you to fully understand what decision you are making, so never consider any question silly. If anything, posing questions just shows how much thought you’ve given to the question, “Should I have a will or a trust?” We hope that we have been able to provide a little insight into wills and trusts. There is still so much to discuss, and meeting with one of our attorneys to talk about your options is a great way to decide what path you should take. Please don’t hesitate to reach out to us for more information. Contact us today.