WILLS, TRUSTS & ESTATES

1. What is a Will?

A legal document that will generally control the distribution of the your assets upon your death. A will can also designate who will administer your estate (the legal process after death). A will can also designate your wishes for who should take care of your children if you are a parent of a minor child and there is no second parent.

2. Why do I need a will?

In Florida without a will, the courts will determine how your assets are distributed based on the law. The law presumes you would have wanted your assets distributed based on certain assumptions, which may not be true in your particular case. For example, a spouse and children are first in line. After that, parents, then sisters and brothers. Without a will, certain relatives may obtain your property, even if you didn't want them to receive anything. Non-relatives are never in line to receive your assets without a will. If you die without any living relatives, the State will receive your assets.

3. Are there any disadvantages to a will?

Yes. While a will is relatively inexpensive, after death, your property will usually have to go through probate, a legal process. That will take time and money. Also, a will after it is filed, is a public record and available for inspection by anyone. Creating a trust may avoid the legal process and keep the details of your wishes private. However, creating a trust also has disadvantages.

4. What are the advantages and disadvantages of a trust?

After death, your assets can be quickly transferred without going through probate. Your heirs can get the assets quicker and with less red tape. There are also tax advantages to using a trust. However, a trust costs considerably more money to establish and you must fund the trust. Funding the trust requires you to place your property in the trust. However, you can establish the trust in a manner that enables you to manage your own property during your lifetime.

5. Which is better for me, a will or a trust?

Which is better for you will depend on your particular circumstances. Determining which method to use may require consulting with an attorney who deals with wills, trusts and estates. For example, if you have a small amount of assets, with little tax ramifications, a will is usually the better method.

6. If I am in possession of a will from a relative who has just died, what should I do?

You should contact an attorney who can advise you. Usually, a will needs to be filed with the clerk's office in the county where the decedent resided.

7. Where can I find an attorney to discuss a matter dealing with a will, trust, or estate?

For advise in Florida about a will, a trust, or an estate, please click here.

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