If you are an adult with children or assets that you want to protect, the process of estate planning is a necessary step in obtaining the peace of mind you are looking for. Even if you do not have an extended immediate family, including children or a spouse, it can be beneficial to create a will or living trust for yourself. Establishing certain documents can make it easier to organize your finances and determine how aspects of your life are managed in the event of an emergency.
Understanding the key differences between certain documents, such as a will and a living trust, can make it less difficult to manage your assets in the future. Determining your specific needs is one of the most crucial aspects of the estate planning process. With the help of an experienced estate planning lawyer, you can establish a plan that fits your specifications.
What is a Will and How is it Used?
In terms of estate planning, a will is a legal document that establishes how your material and financial assets will be distributed and managed after you pass away. The document allows you to provide instructions for distributing inheritance to your beneficiaries, state your executor, name the guardians for your children in the event of your passing, and more.
Wills are subject to probate governing to ensure that the document is legal and valid. Once it has been certified, your executor can then administer your estate in accordance with your wishes. An experienced estate planning lawyer, like the professionals at Patriot Legal Group, can help you draft a will that meets the needs of you and your estate.
How Does a Living Trust Help Me?
The main goal of a living trust is to protect the assets in your estate. Where a will is a document that focuses on personal aspects of your future, a living trust focuses on safely managing your valuables. Wills are a matter of public record and, for those who wish to keep their information private, a living trust is the most reliable solution and the best way to ensure that your assets are safely managed.
When you create a living trust to manage your assets, such as any property you might own, you can save your loved ones both time and money by allowing them to avoid probate court. The process for establishing a living trust can be more involved and complex than a will, however, and often requires the careful planning of a knowledgeable estate planning lawyer.
Should I Have a Will or a Living Trust?
As many adults approach a point in their lives where they begin to plan for the future, it is common to wonder whether to obtain a will or a living trust to safeguard their assets and wishes. Both living trusts and wills are important estate planning tools that can help ensure that your wishes are upheld and your valuable assets are protected. Additionally, both documents allow you to name the beneficiaries of your property in different ways.
In most cases, it is not uncommon for families to have both a will and a living trust to protect their assets and their directions for guardianship. If these documents are not in place, your property can be subject to distribution under state law. Your best option is to speak with a qualified estate planning lawyer who can guide you through the process of establishing these important documents and determining what options work best for you.
Contact a Skilled Estate Planning Lawyer in Central Florida
Establishing an estate plan can involve a lot of planning and paperwork, but partnering with an experienced lawyer from Patriot Legal Group can help you get your legal questions answered quickly and give you, and your loved ones, peace of mind about the future. Our team understands the important, sensitive nature of securing your valuable assets and making sure that your wishes are met in the event of an emergency.