Although we all know the terms “living will” and “living trust,” understanding the specific benefits and setbacks of each of these terms is an issue typically left to a living trust attorney in Tampa. If you are interested in developing an estate plan, an estate planning attorney can help you implement the best strategy to manage and protect your assets. This includes drafting a will and implementing a living trust.
Drafting a Will
A will is the legal document that establishes many essential end-of-life instructions including whom you want to transfer your property to and the person you want to appoint as executor of your estate. Wills typically must go through probate court and the details become public knowledge. A will can be modified during the lifetime of the creator and, in some cases, are highly contested long after the will’s creator has passed away.
Protect Your Assets With a Living Trust Lawyer in Tampa
Because the probate process takes a long period of time and is costly, many people elect to create an inter vivos trust to avoid probate court. Commonly referred to as a revocable or living trust, this is the process of the grantor (trust creator) distributing assets to beneficiaries without court interference of those assets. In other words, with a living trust, the trustee can manage and control the assets distributed into the trust rather than a probate court.
Benefits of Creating a Living Trust
Along with steering clear of probate court and maintaining control and protection of your assets, there are many other benefits to developing a living trust for beneficiaries:
- Similar to a will, the grantor can modify the trust at any time.
- One crucial difference between a will and a trust is that the trust does not end when the trustee passes away. Instead, a new trustee (appointed by the grantor) manages the trust. This allows the design of the trust to remain intact providing the beneficiary with asset protection until they are prepared to take over the trust.
- The trustee can reserve funds for their children’s college education, retirement plan, or to prevent irresponsible spending of the assets before they are ready to manage them.
- A revocable trust also provides more privacy for the beneficiaries than a will as the estate never becomes publicized in probate court. This can prevent disputes.
There are many more benefits to creating an estate plan with a living trust attorney in Tampa. Estate planning is a comprehensive legal service that provides families and businesses with support in every stage of life. You have worked hard to establish your estate, now is the time to partner with a law firm that will help you manage and protect your assets.
If you would like to speak with a living trust lawyer in Tampa, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.