There is so much information on the Internet, in “do it yourself” books, and articles about the benefits of having a Revocable Living Trust instead of a Will. All that information can lead to more confusion. My goal is to give you some basic nuggets that can help you make the right decision for yourself and your family.
|Last Will and Testament (Will):||Revocable Living Trust (Trust):|
|With a Will, there is less upfront costs|
A Trust can be costly to establish and fund (funding is the transferring of property from individual ownership to trust ownership)
|A Will has to be probated and the probate process limits the time for creditors to file claims against your estate (90 days after the publication of a Notice to Creditors)||The Trust is liable for your debts for 2 years after your death unless a probate is initiated to cut off the creditor’s right (in essence the Successor Trustee might be liable to creditors if he or she distributes assets to beneficiaries without satisfying your creditors)|
Probate requires Court supervision of the transfer of your property and payment of your debts
|The Successor Trustee of your Trust can administer the Trust without going through probate|
A Will becomes a public document (privacy is lost)
|A Trust protects your privacy|
If you have property outside of Florida, you must probate in the state where the property is held
|A Trust can be used to transfer property held outside of Florida without probate|
Probate can last 6 months to a year depending on the complexity of the matter
|A Trust avoids Probate if and ONLY if the Trust is fully funded|
|A Will cannot assist in disability planning (a Will goes into effect after you die)||A Trust allows you to plan for disability without court proceeding such as a guardianship|
|A Will does not provide creditor protection to the beneficiaries||A trust can provide creditor protection to the beneficiaries of your Revocable Living Trust|
A Will generally does not allow for asset management and control
|A Trust can allow for asset management and control|
If you are not sure whether your need a Will or a Trust or both, let me help you to get clarity on the matter.
Here is a Review from a Real Person like You with Real Results….She explains everything to my level
“What I like best about my lawyer is that she explains everything to my level. She makes me feel comfortable. I am not afraid to ask questions. She listens, takes notes, and keeps records. She does a good job.” M.C.
To assist you in deciding whether you need a Will or a Trust reach out to Carol L. Grant, Esquire in Davie, Florida.