Trust or Will Which one Should I use to Handle my Sanibel Estate
When people in Sanibel talk about estate planning, they are used to hearing about wills and trusts. But when you ask those people whether they should use a will or a trust, most of them cannot come up with an answer. While you should always trust your estate planning details to a professional, it is also important to understand the basics of estate planning to help you better convey your concerns and ideas to your estate planner.
What is a Will?
A will is an official representation of your final wishes in terms of the distribution of your assets and the final handling of your estate. In your will, you name an estate administrator and you explain how you would like your assets to be distributed after the debts of your estate have been handled. A will is revocable, which means it can be easily modified to fit your changing needs.
What is a Trust?
A trust is a legal entity that you control that becomes the place where most of your assets are harbored. If you become incapacitated, then control of your real estate and assets would automatically go to the trustee that you have named. A will has to go through probate before it can be enacted, but a trust can usually bypass probate and all of your instructions regarding the handling of your estate are automatically enacted upon your death.
Things to Consider About a Trust
A trust offers you much more control over your assets while you are alive, and it becomes easier for your beneficiaries to take over your assets after you have passed away.
When Should You use a Trust?
If you would like to have control over how your assets are distributed to your children after you pass away, or if you have a special needs child that will need unique considerations upon your death, then a trust is ideal. When you have concerns about the handling of your real estate after you pass away, then a trust is a good solution. If your estate is going to exceed the limits for the estate tax, then a trust can save your family a lot of money in taxes when you pass away. A will is a solid way to give your final instruction, but a trust is necessary.
Our helpful estate planning lawyers can help you to understand the differences between wills and trusts, and The Mattar Firm can put together the legal vehicle that is best for making sure that your estate is always handled properly. Give The Mattar Firm a call and we can get the process started for you today.