It’s Not Too Late To Plan For Your Estate Until It’s Actually Too Late
It’s never too soon to start planning what will happen to your assets after you’re gone. Anything can happen, and it’s important to provide your family and loved ones with an opportunity to continue flourishing when the inevitable happens.
Deciding On The Right Strategy For You
With so many options, the question then arises: which tools for estate planning are right for me? For some, the answer is more straightforward, while for others, things can get a little more complex. In either case, that’s where Dariotis Law can help.
As a Florida Bar Board-certified attorney with a long history of helping Floridians plan for their estates, Terry Dariotis can help you determine whether a trust or a will works best for your personal situation.
Understanding Creating A Last Will And Testament
When most people think of estate planning, they think of a last will and testament. A will lets you dictate how you want your assets distributed, and although you will direct the actual distribution, a judge is appointed to supervise the process in probate after your death. Wills may seem to be the more straightforward method of transferring assets after death, but there are a few factors to consider, including the requirement of probate court and its accompanying costs, as well as the public nature of a will.
Revocable And Irrevocable Trusts
Trusts are another way to select who handles your affairs after your death, and some varieties give you additional control. There are two primary types of trusts: revocable trusts and irrevocable trusts.
Also called a living trust, a revocable trust not only allows you to avoid probate, but also lets you make changes to it while you’re still living. You, the grantor, act as the trustee. Once you die, the trust becomes irrevocable, and your beneficiaries can receive your property without probate or court supervision.
Irrevocable trusts can not be amended or revoked by you even while you’re living, except in very limited circumstances. A trustee is appointed by the grantor to oversee it, and that person controls the administration and distribution according to the provisions of the trust. Irrevocable trusts are a good option for people who are wealthy because they provide some tax benefits.
An Attorney Can Help You Strategize
In some cases, the answer is both a will and a trust. A trust can be used to exert control over how and when trust assets are distributed, together with a will turning over certain assets like tangible personal property outright to beneficiaries and transfers other assets to the trust. An attorney can help you decide how you should approach your own estate planning, helping you form a strategy based on your personal and familial situation.