Lake Worth Florida Wills / Trusts / Estates Lawyer
A will is a documentary instrument by which a person regulates the rights of others over the testator's property or family after their death.
A will is not the same as a living trust!
|Advantages to a will||Disadvantages to a will|
|Easy to set up
||Wills become public record upon probate. The process invites disgruntled heirs to contest your will and can expose your family to unscrupulous solicitors.
|There is no need to transfer any property into another entity for the will to be valid
||Probate lawyers, not your appointed executor, often control the actual distribution of your property. This can be costly and unpleasant.
|You may name a guardian for minor children in a will
||A will doesn’t provide for transfer of property should you become incapacitated
Learn more about Living Trusts! Click Here!
At the Law Offices of Robert Schwartz, we recognize that every client's situation is unique, and we therefore do not engage in "one size fits all" estate planning. We invest the time necessary to get to know our clients, including the nature of their assets, their family dynamics, and their desires and objectives. We carefully tailor every estate plan to accomplish our client's goals while minimizing potential tax consequences. Our areas of representation include:
Wills, Living Trusts and Related Documents in Lake Worth
We prepare individually tailored estate planning documents including:
- Wills: We prepare simple wills for clients, as well as pour-over wills, which are wills which are designed to work in unison with a living trust. We also prepare wills with guardianship and trust provisions for our clients' minor children.
- Revocable Living Trusts: We prepare living trusts and assist our clients in properly funding their trust with their assets, to ensure that in the event of a death, such assets will not require probate administration.
- Durable Powers of Attorney: We prepare durable powers of attorney designating a person or persons to manage the financial affairs of a client in the event the client becomes incapacitated.
- Health Care Advance Directives: We prepare health care advance directives (health care surrogate designations and living wills) allowing clients to designate a person or persons to make medical decisions on their behalf in the event they are incapacitated or otherwise unable to express their wishes with regard to health care, life support, and other important end-of-life considerations.
Revocable Living Trusts
A living trust is a separate legal document created during your lifetime which allows you to specify who will manage the assets of the trust and who will receive the assets of the trust as beneficiaries after your death. During your lifetime, you are typically named as both the trustee and the beneficiary of the trust, ensuring that you still have complete use and control over your assets. As the name implies, you can revoke the trust or make changes to the provisions of the trust during your lifetime.
A living trust offers certain advantages over a simple will:
- Probate Avoidance: Upon your death, the assets of a properly funded living trust are distributed to the beneficiaries of your trust, in the manner specified in the trust, without having to pass through probate. Revocable trusts in most cases allow you to avoid the costs and time delay associated with probate administration.
- A Plan in Case of Incapacity and Guardianship Avoidance: In the event you become incapacitated, your successor trustee will manage the trust assets on your behalf, often avoiding the necessity for a guardian to be appointed over your assets.
Please call (888) 615-8641 for a free consultation to see if a living trust is right for you.