Sunday, August 4, 2013

Do I Need a Will and Living Trust?

If you are looking for a simple, one-line answer to the question above, YES, you do need a will and living trust to divide your assets to your heirs, closest living family members, blood relatives, or whoever you fancy! If you do not leave a will written, your assets might not distributed the way you'd like, and the court will decide which of your living members get access to your properties and liquid stock. Having a will and living trust is thus, extremely important so that you are fully in control of your assets after your death.

Why are Wills and Living Trusts Important?

Wills and living trusts are the only way you can make sure your assets are passed on the ones you are related to, with the distributions you deem correct. Particularly, if you have small children, wills are great ways to establish guardianship of minors and ensure that your kids get their share of your assets and monetary accumulations left behind.

As intestacy laws change from one state to another, you do not know who gets how much access to your property if you do not leave a will behind.

The Difference Between a Will and a Trust

A will is a document that allows you to fix which parts of your assets are divided amongst your heirs and family in the event of death. After you die, all the assets you own would be divided as per the instructions in the will, and thus, you are solidly in control of your funds. The court ensures that the rightful distribution of your funds takes place after your death and there are no disputes.

A living trust is more like a legal mechanism that makes sure you draft terms and conditions for use of your assets and controls gifts and charities you are likely to keep continuing after your death. Living trusts are simply known to take care of your life insurance policies and other benefits and will not take into account the complete accrued financial holdings and amounts you have.

Thus, legally, you are recommended to have both wills and trusts put up in the event of an untimely death thus, legally, you are recommended to have both wills and trusts put up in the event of an untimely death. There are provisions for you to change the will as many times you'd want to. The last edition of the will you sign would be considered valid during the time of your death.

Lawyers with Boyes and Farina, P.A., provide estate planning, tax and business litigation in Florida. Palm Beach Gardens Probate Litigation provides innovative solution for your problem.
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