Expert Legal Guidance for Creating Wills & Trusts in Florida
As you enter into the estate planning process, you may find yourself asking exactly what type of estate plan you want. You may have the option to choose between setting up a will, a trust, or even both. Our team at RAK Law Firm is here to walk you through the process and ensure that you choose the option that is right for you.
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What Is The Difference Between a Will and a Trust?
There are several key differences between a will and a trust, and some of these differences can vary depending on what type of trust or will you decide to establish. The similarity between wills and trusts is that they both determine who or what will receive your assets following your death. The biggest difference between wills and trusts is how they go about doing that.
Different Types of Wills
There are three primary types of wills in Florida that you may want to consider setting up:
- A Last Will and Testament – This is the most basic type of will used nowadays. It includes the appointment of an executor or personal representative to handle your probate estate, and appointing a guardian for your minor children.
- A Mirror Image Will – This type of will is actually two separate wills written by either unmarried or married partners. The wills have the same terms and provisions but identify each spouse or partner separately.
- A Pour-Over Will – This type of will is intended to capture any assets that are accidentally missed when establishing a trust. When you set up both a trust and a pour-over will, you ensure that any probate assets will be transferred into your trust following your death.
Different Types of Trusts
There are several different types of trusts that you can set up. Some of the most common include:
- A Living Trust – This type of trust is also known as a “Revocable Trust.” This type of trust is created during your own lifetime and is written with the ability to revoke or change them as you see fit. A living trust is typically written to give direction on the managing of assets and health care if you become ill or disabled or unable to carry out your own affairs due to aging.
- An Irrevocable Trust – This type of trust is similar to the living trust but differs in that once they are finalized they are either impossible or very difficult to change later on. This type of trust tends to offer more tax benefits than a living trust does.
- A Charitable Trust – This type of trust allows you to set up the distribution of your assets between your beneficiaries and also a charity.
- An Insurance Trust – This type of trust focuses primarily on having a life insurance policy as the primary asset of the trust.
Deciding which will or trust is right for you can be confusing. When you meet with our team we can help you determine which type of will or trust is right for you.
Wills & Trusts FAQ
Can you have both a Will and Living Trust?
Yes. Sometimes this is the best option for you, as seen with Florida’s pour-over will. Your attorney can help ensure you have the correct combination of will and trust to ensure your assets are well-protected.
What is better, a Will or a Trust?
Determining which form of estate planning is best for you will come down to the details of your estate and your desires when it comes to protecting your assets. There are some tax benefits to establishing a trust as opposed to a will, and forming a trust may also help you avoid probate, which can be beneficial for some. However, it’s not uncommon for someone to have both a will and a trust (or several trusts) as part of their overall estate plan.
Get Help Creating Your Will or Trust Today
Setting up a will or trust can be complex. It’s important that you have a qualified will and trust attorney to help walk you through the process and ensure that your best interests are kept at the forefront and that your beneficiaries receive exactly what you want them to receive. Our team of Florida wills and trusts lawyers at RAK Law Firm offers over 50 years of combined experience.
If you need help drafting a will or trust in Florida, contact us today to schedule a case evaluation and get started.