With a Will, Your Family is Secured for the Future
The benefits provided by wills, trusts, power of attorney, and other estate planning documents make them worthy tools for your family. Attorney Buie serves Seminole county and assists clients in protecting their legacies through a variety of estate plans customized to each client’s unique needs.
The Purpose of a Will
A will allows you to decide who you wish to name as beneficiaries to your assets when you die. In a will, you can describe the property and list the beneficiaries. When leaving property to a minor child using a will, you should name an adult to manage the property. You can also use your will to set up a testamentary trust for young children or name a custodian. If you do not name an adult to manage property left to a minor through your will, the court will name someone to do it after your death.
Making a will is very important for people with young children as this is the best way to transfer the guardianship of minors. You can change your will at any time, and you should review your beneficiary designations for your 401k, IRA, pension, and life insurance policy, as those accounts will be transferred to your named beneficiaries automatically when you die.
Even if you have a revocable living trust where most of your assets will be put, you will still need a pour-over-will. The pour-over will allows you to name a guardian for your minor children and ensures that all the assets you intended to put into trust are put there, even if you neglect to retitle some of them before your death.
Any assets that are not retitled in the name of the trust is considered subject to probate. If you have not stated in a will who should receive those assets, a court may decide to distribute them to heirs that you may not have chosen.
A Living Will (Advance Medical Directive)
This document is a statement of your wishes for what life- sustaining medical intervention you wish to have if you become incapacitated and unable to communicate your wishes.
Differences Between a Will and a Trust:
- Property subject to a will goes through probate while property owned in a trust when a person passes avoids probate.
- The major disadvantage of probate is the cost and delay it causes in distributing the estate.
- There is no privacy in probate. The will is filed in a court and is available to the public.
- A will is more likely to be challenged than a trust. Trusts are rarely challenged as there is less law concerning these challenges to trusts.
- With a trust you follow the legal formalities of the trust. The trust must have a legal owner named to allow deeds to real estate to be reissued in the trusts name. The trust will be named as legal owner of property and manage the property as the Trustee.
- Titles to vehicles and other assets must be reissued and names on financial accounts may have to be changed.
- It is very important to transfer legal title of property to the trust or the trust will hold no value.
- A will is usually less expensive to create than a trust.
- With a trust you serve as a trustee and manage the property. If you become disabled or pass away, the successor Trustee automatically takes over management of the property.
- After you die, the trust property is managed and distributed according to the terms of the trust. The courts are not involved.
Need Assistance with Wills or Trusts? Contact Our Estate Planning Lawyer
If you are needing guidance on setting up a plan for your will, contact attorney Carsandra D. Buie, an experienced Estate planning lawyer in Sanford, Florida. Our law office provides legal services throughout Seminole County. Call us at 800-219-3297.