The Advantages and Disadvantages of a Living Trust or Will in Florida
When planning for retirement and end of life situations, Florida residents often consider making a last will and testament and a living trust. These two documents form important parts of the estate planning process, and while almost everyone would be best served by creating a will, far fewer people need a living trust. Talk to a Florida estate planning attorney if you need legal advice about these issues.
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Will Advantages
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A last will and testament is the only way to ensure that your wishes as to how you want your property inherited after you die get carried out. Wills are relatively easy to create in Florida, requiring that you are at least 18 years of age, of sound mind can initiate the will writing, and do not require the assistance of an attorney or other professional -- though seeking legal assistance may be wise even if have a small estate.
Will Disadvantages
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The primary disadvantage of a will is that the it must go through the probate process, an often a complicated system of procedures that take place whenever a person dies leaving behind property. According to R. Kellen Bryant, a Florida estate planning attorney, the probate process can last from months to years or even longer. Also, while a will lets you determine how your property gets transferred, your beneficiaries don't actually receive their inheritances until the end of the process.
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Living Trust Advantages
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A living trust allows you to, mostly, avoid probate issues -- if created properly. Living trusts allow you to transfer ownership of all your property before you die, therefore leaving nothing to the probate process. A living trust effectively and efficiently allows you to handle your money and property in the manner you see fit, ensuring that your desires are met even after you die.
Living Trust Disadvantages
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The downsides of a living trust is that they are really only needed by a few number of people and can cost a lot of time and money to set up and form properly. A trust is a separate legal entity which you transfer ownership of your property. While you can control the trust exclusively, and thus control the property, there is the added burden of dealing with the procedures and laws that are involved in creating and managing a trust.
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References
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