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Having an effective estate plan in place in case something unexpected occurs is always advisable. It is a practical way to protect the people and possessions you love most in this world, and at Katz Baskies & Wolf PLLC, we take pride in assisting our clients with developing estate plans that accomplish their long-term goals, which traditionally means preserving the fruits of their labor. Two of the most efficacious estate planning tools are wills and revocable trusts.
About Wills in Florida
Wills, also called last wills or last wills and testaments, are formal documents clients execute to designate how their individually-owned property will be disposed of after they die and whom they want to be the personal representatives (a/k/a executors) of their estates. Wills are also used to identify who the deceased wish to have custody of any minor children they may leave behind.
Benefits of a Will: Why You Need One
When people die without wills, they are considered to have died “intestate.” If you die intestate, your estate will be distributed according to the Florida Probate Code – to beneficiaries selected by the state of Florida. Your desires and close personal relationships are not a consideration for the court. Therefore, in order to ensure you are in charge of who benefits from your hard work, it is always in your best interests to die with a will – i.e., to die testate.
About Revocable Trusts
Any trust is essentially a fiduciary relationship wherein one person holds property on behalf of another party. Revocable trusts allow the settlors of the trust (a/k/a, the grantors), to maintain control over their wealth, even assets titled in the names of these trusts as long as the clients are alive. As the name implies, the grantors are able to amend or revoke the terms of their revocable trusts at any time.
Benefits of Revocable Trusts
Revocable trusts are popular in estate planning for a variety of reasons, including:
- Convenience: A revocable trust is able, in many ways, to circumvent the probate process thereby simplifying your family’s responsibilities upon your death.
- Privacy: Unlike wills, revocable trusts are not public record, which allows you to maintain the privacy and integrity of your personal affairs.
- Economical: A properly structured and funded revocable trust may be able to avoid certain fees and expenses associated with the probate of an estate.
Let Us Help You Prepare for The Future
Having an estate plan that includes a will and revocable trust is a practical way to ensure the ones you love are cared for after you die. For more information on wills and revocable trusts, or estate planning in general, contact the legal professionals at Katz Baskies & Wolf PLLC to schedule a consultation.