Many people are confused when it comes to estate planning. Are you one of them? Have you ever wondered, do I need a will, do I need a trust and even more importantly what is the difference?
I BELIEVE EVERYONE NEEDS A will. A will is a legal document wherein a person can choose who receives their assets upon their death, their burial or cremation wishes and who handles carrying out their last wishes. If you don’t have a will, the state of Florida will decide who receives your assets.
Even if you don’t have a Will, probate will happen unless the assets are in a trust. Speaking of trusts, a trust is an estate planning tool that protects assets from creditors, is private, and can avoid probate. A revocable living trust transfers your assets while you are still alive. The trust owns the assets, but you can use them while you are alive. When you pass away, since the assets are in the trust, the Probate Court does not get involved.
Though there is a cost to draft a Trust depending on the complexities of the estate, it is usually a lot less costly and troublesome and less time consuming than probate.
The advantages of a revocable living trust are many. It is cost effective, since you can own property in several states governed under one trust, and thus avoid several probates.
Explore the option of a Revocable Living Trust with its many advantages