How A Trust Can Work Alongside Your Will
Creating a will in Tampa is a top priority for everyone, regardless of current health or age. Unexpected events happen, and having a will not only provides guidance for your loved ones but is also needed in probate court proceedings. In many cases, it is a good idea to create a trust alongside your will. Our Tampa trust attorney explains more about what it does and its important benefits.
Wills Versus Trusts
When someone passes away, their estate must pass through the Hillsborough County Court. A will acts as a guide, designating a personal representative for the estate, providing an inventory of all property and assets, designating beneficiaries, and determining how distributions are made. If you die without a will, known as dying intestate, rather than following your final wishes, the court settles your estate based on the Florida Probate Code.
Having a will in place is obviously a smart choice and can spare your loved ones time, grief, and expense. However, you may want to create a trust to go alongside. The benefits it provides include:
- Allows property and assets to pass to beneficiaries without going to probate first;
- Allows detailed distributions, based on certain conditions and can be spread out over years;
- Prevents all the property and assets you accumulated from being spent paying long-term expenses.
When Should I Create A Trust Along With A Will?
A will is something everyone needs. Even if they do not own a significant amount of property and assets, it conveys final wishes and makes dealing with practical details surrounding your loss easier for family members.
Depending on your situation, you may want a trust to work alongside it. A trust allows you to retain control over property and assets while transferring official ownership to a trusted third party, known as the trustee. This can entitle you to Medicaid benefits, which can help offset the high costs of any nursing homes or other long-term care you eventually need. It ensures you are provided in the future while also protecting your loved one’s inheritance. Other ways in which a trust is useful include:
- Protecting small children: A will allows you to leave your child money and designate a guardian to care for them. A trust goes a step further and gives a greater say in how they are raised and the conditions under which funds are distributed.
- Protecting vulnerable adults: For adults with special needs or problems, such as drug and alcohol addiction, a trust allows you to protect them and prevent squandering the estate by only making periodic, specific types of distributions.
- Financial security for the future: A trust allows you to spread out distributions, mark them for important occasions, and otherwise protect those you care about in the future.
Contact Our Tampa Probate Attorney
At Strategic Counsel Law Group, L.C., we provide trusted legal guidance in creating wills, trusts, and other estate planning documents. To request a consultation, call or contact Tampa trust attorneys online today.