A Will Or A Trust — Which One Is Better?
Even if you are just starting the estate planning process, you have heard of at least one of the most popular planning instruments — the last will and testament. Another common estate planning vehicle is a trust, which can hold your assets before you die and provide easier access to your beneficiaries to these assets after you die.
I am attorney Donald Witmyer, and my firm, the Law Office of Donald Witmyer, P.A., can help you develop an estate plan in which all the documents included complement one another and protect you and your family. I am well-versed in how Florida law governs wills and trusts in our state.
My firm does not offer cookie-cutter recommendations to your family. After examining your current situation, and your future aspirations, we can work together to develop plans that clearly express your wishes.
Situations In Which A Will May Be The Best Choice
Here are some situations in which drafting a will with the help of a lawyer is the best choice for your estate:
- If your estate is relatively small. You may qualify for Florida’s streamlined summary probate administration process.
- If you are middle-aged or younger and in good health. A properly drafted will can ensure your assets are distributed appropriately in the unlikely event of your death.
- If you are married and most of your assets are held jointly. Your surviving spouse may benefit from expedited probate procedures for these shared properties.
Situations In Which A Trust May Be The Best Choice
As economical as the process of creating a will may seem, there are many advantages to creating some form of trust to protect your assets:
- You value your privacy. Probate proceedings are a matter of public record. Trusts are private contracts.
- You are over age 60. As we age, unexpected incapacity and death become more likely. Trusts provide comprehensive peace of mind.
- You have a larger or more complex set of assets. Trusts can simplify the process by which your beneficiaries will be able to access your assets after you pass away.