Trust or Will: Which One Should I use to Handle my Marco Island Estate?
Marco Island is a place where families enjoy the Florida sun and people do their best to accumulate wealth to pass on to their dependents. Estate planning is something that should be done by a professional. However, there are still plenty of questions that people ask when it comes to setting up their assets for administration after they pass on. One of the most common decisions people have to make is whether to use a will or a trust. There are different situations for both types of documents, and it is hard to make a bad decision when you are following the advice of an estate planning professional.
Minor Children
Minor children can be a concern for parents who have assets such as life insurance and retirement accounts. If the parents divorce and remarry, then distributing those assets can often be too complicated for a will. A good solution is to set up a trust to receive the distributions for minor children and have the trust hold onto those assets until the children reach the age of majority as the parents desire. This clears up any confusion about the distribution of funds and prevents minor children from suddenly being handed a lot of money after both of their parents pass away.
Life Changes
Anyone who has been divorced and remarried with children from both relationships will want a trust in place to make sure the assets get distributed properly to the children. A trust can also make sure that ex-spouses do not get access to funds that you did not mean for them to access.
What About A Will?
If your life consists of a marriage, children, and assets, then a will can be an effective estate planning tool. It is important to remember a will is only one piece of your puzzle. A will does not solve all of estate planning needs.
The smartest way to determine whether you need a trust or a will is to contact one of our estate planning attorneys. There are many different ways to formulate a will and to create a trust. Our knowledgeable team will analyze your situation and help you to make the right decision.