Trust or Will: Which One Should I Use to Handle My Port Charlotte Estate?
When you make an appointment with a Port Charlotte estate planner, they are going to expect you to bring a list of your assets and an outline of how you want your estate handled. But in the end, you make an appointment with an estate planner to benefit from their experience and to get their professional advice on your situation. Some Port Charlotte estates are handled just fine with a will, while others would benefit from a trust. This is one of the many important decisions an experienced estate planning lawyer can help you to make.
Why A Will?
A will is a strong and durable estate planning vehicle that can help make it easier for your family to get your estate to go through probate court. Wills are extremely common, and your estate planner can customize your will to fit your precise situation. It is important to remember, a will is only part of your estate plan and will expose you to probate.
Why A Trust?
A trust can be structured in such a way that your beneficiaries would not have to be burdened by an estate tax after you have passed on.
Trusts can also bypass probate court when it comes to distributing assets. Instead of having to wait for a probate court to award ownership of real estate to beneficiaries, the trust can automatically transfer ownership with out the needs for the courts to step in.
Special Needs
In some cases, a special needs trust might be a better way to plan for the future of a loved one than a will. If you have a special needs child, then a special needs trust can allow you to set up a financial nest egg for your child without damaging their ability to receive public funding for health benefits and other important reasons. You do not need to have significant financial resources to utilize a special needs trust. All you need is a child or family member with special needs who relies on you for financial support.
The Mattar Firm has experience in helping Port Charlotte residents to create strong and stable estates. Contact one of our estate planning lawyers today to make an appointment and get your financial affairs organized properly.