Brandon Trust Lawyer

A will and a trust are very similar, but a Brandon, FL trust lawyer can help you figure out what option is best for your situation. Read on to learn a bit more about wills, trusts, and how you should decide – and get in touch with the team at Morton Law Firm LLC to get started.

Understanding Wills

Wills are legally-binding documents that outline what should happen to your assets after your death. In this case, “assets” means everything that you own, from real estate, collections, investments, and even debts.

The recipients of your assets (your beneficiaries) will receive the assets that you’ve left behind for them, but it’s not an overnight process. Unfortunately, when you leave behind a will, your beneficiaries will have to deal with probate.

Probate Pains

A will means probate, and probate means a headache. After your death, your assets don’t automatically arrive on the doorstep of your beneficiaries. Instead, everything needs to go through a lengthy process before your loved ones see a single cent. This process is called probate, and it takes several steps.

During probate, your beneficiaries will need to be notified about your passing. Then, your will get sent to a specialized court who will verify that your will is legitimate and legally-binding. Your assets have to be tracked down (and valued by outside consultants), and all of your debts and taxes have to be paid off before your assets are distributed. Unfortunately, there’s a chance for dispute at pretty much every step of the probate process.

Probate is also expensive: at every step, there are fees and taxes. It’ll take a long time before your beneficiaries get whatever is left over for them, but there’s a few silver linings: First, you won’t be around to deal with the headache. Second, your folks won’t have to deal with it if you contact a Brandon trust lawyer.

Understanding Trusts

A trust (oftentimes referred to as a “living trust”) is similar to a will, but with a few key differences. Trusts also outline your belongings and your beneficiaries, but unlike a will, your assets are transferred to a third party after your death. There’s a few key benefits of this approach.

Firstly, a trust completely cuts probate out of the equation. That means no scrambling around to notify your beneficiaries, and no scrambling around to value whatever you’re leaving behind. Secondly, with a trust, there’s minimal opportunity for dispute. It’s a great way to make your passing a little easier for your family and friends.

While a trust eases the burden for your loved ones, it’s a little bit more complicated to manage. Trusts are oftentimes referred to as “living trusts” because you still need to update your trust during your lifetime. However, they’ll pay off in the long run by minimizing the stress and drama that usually comes with dividing up an estate.

Get In Touch With Morton Law Firm LLC Today

At Morton Law Firm LLC, we’re committed to helping you secure a future for yourself, and your family. Whether it’s through a will or a trust, our legal team is standing by to answer your questions and keep you informed. Get in touch with us today, and see how a Brandon trust lawyer from our office can help.