Wills & Trusts
Many Types of Trusts
There are a variety of different Trusts you can have. The more common two types of Trusts are a Revocable Trust and an Irrevocable Trust. A revocable trust is one that may be amended, modified or revoked during the lifetime of the Grantor. An irrevocable trust is exactly the opposite as it is not able to be amended, modified or revoked.
A Will, most commonly known as a Last Will and Testament should provide clear details of what you want to happen with your property and other issues at the time of your death. One of the primary differences between a Last Will and Testament and a Trust is that property passing under the terms of a last will and testament requires probate to legally transfer to living beneficiaries. Wills become a matter of public record when they’re submitted to the court for probate. The terms of a living trust remain private.
WHAT IS A WILL?
A will, also known as a Last Will and Testament, is a written document that controls the disposition of assets held in the decedents sole name at death. The individual who creates a will is a testator (male) or testatrix (female). The following can be accomplished in a Will:
- The Testator may direct who shall receive the assets as the beneficiary.
- The Testator may direct who shall serve as the personal representative.
- The Testator may grant the personal representative powers to act on behalf of the estate.
- The testator may create a trust within the will that protects minor beneficiaries or other family members.
- The Testator may make gifts to charity.
- The Testator may name a guardian for minor children.
WHAT HAPPENS IF A DECEDENT DID NOT HAVE A WILL?
If an individual passes away and does not have a will, also known as a Last Will and Testament, the property passes in accordance with the Florida intestacy statutes. Additionally, the Court appoints a personal representative to manage the estate.
WHAT IS A LIVING WILL?
The Living Will allows a competent adult to make the decedent as to whether they wish to withhold or withdraw life prolonging procedures in the event of a terminal illness.
WHAT IS A TRUST?
A Trust is a legal document created to allow the Grantor to manage their assets during their lifetime and distribute their assets after death. A trust may either be revocable or irrevocable. A revocable trust is one that may be amended, modified or revoked during the lifetime of the Grantor. An irrevocable trust is exactly the opposite as it is not able to be amended, modified or revoked.
The revocable trust gives the Grantor the ability to have complete control and management of the trust assets during their lifetime. Subsequent to the death or incapacity of the Grantor, the Trustee would control the assets.
The Trust allows the Grantor the following benefits, the avoidance of a guardianship in the event of the incapacity of the Grantor and the avoidance of probate in the event of the death of the Grantor. A trust may be beneficial if you have any of the following situations:
- Homes in multiple states.
- Minor children.
- Minor grandchildren.
- A complex estate plan.
- A beneficiary on government benefits.
- A beneficiary that you do not wish to receive the funds in one lump sum.
- Substantial assets that may be taxable.
- Ownership of a business or limited liability company.
Tanya believes that legal representation should be full service and that includes providing both trustworthy and knowledgeable service in protecting your money, your family and your future.