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Serving South Florida
since
1982
Board Certified Elder Law
Attorney
By the Florida Bar and
National Elder Law Foundation
West
Broward
Fort
Lauderdale area
(954) 726-6602
Boynton
- Delray
(561) 496-0077
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Please call us for a free elder law report. |
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Wills and
Trusts
What's the difference between
a will and a trust? Doesn't having a will avoid probate? Why would
I want a living trust?
These are questions that regularly come up
in our office. A will is a legal document that provides for
distribution of your probate estate at your death. Probate
assets are those owned by a person in his or her own name alone
with no beneficiary, without being "payable on death" or "in trust for"
or in a living trust. A will must be verified by the Probate
Court before it can be enforced and the assets distributed to
the heirs. Because probate is a court proceeding, it is
time-consuming and expensive.
Assets that are jointly held, in trust for
someone, or in a living trust avoid probate.
Beware the pitfalls of joint ownership. It may be
difficult to have the property returned on request to its original
owner during his or her lifetime. Joint assets may also be subject to the control of the new owner and the new
owner's creditors. Joint ownership between spouses won't eliminate
probate but will only delay it until the death of the surviving
spouse.
Joint ownership can also have adverse income and estate tax
consequences.
A living trust is an enormously flexible and
useful vehicle. Assets of the owner(s) are retitled into the name of
the trust. The original owner(s) becomes his or her own trustee
and maintains control of the assets, which are not subject to
probate. To avoid guardianship, the owner appoints a successor trustee to manage the trust
property if he or she becomes incapacitated.
Among its many
benefits, a living trust
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avoids probate
delays and expenses
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represents
opportunity for professional asset management
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permits
distribution over a longer period of time
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allows prompt
transfer of management upon disability
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avoids
guardianship
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reduces the
likelihood of will contests
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coordinates
distribution of assets through one vehicle
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is especially
important with out-of-state real estate
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provides
maximum privacy
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is inexpensive
and easy to set up and maintain
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prevents court control of inheritance by
minors
Due to the complexity of some trusts and in
order to avoid unnecessary taxes upon death, please
check with our office or an estate planning attorney for assistance.
Articles on Trusts:
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West
Broward (Fort Lauderdale area)
Cinnamon Tree Plaza
Click here for directions
5701 N. Pine Island Rd, Suite 260
Tamarac, Florida
33321
Phone: (954) 726-6602
Fax: (954) 721-0910 |
Boynton
- Delray
Delray
Commons - SW Corner
Click here
for directions
2160
West Atlantic Avenue, 2nd Floor
Delray Beach, Florida 33445
Phone: (561) 496-0077
Fax: (954) 721-0910 |
Florida
Elder Law, Estate Planning &