Trust Attorney

If you want to get serious about planning your future, a Lithia, FL trust attorney can help. But do you know whether a will or trust is better for you? Read on to find out more about the difference between wills and trusts, and get in touch with Morton Law Firm LLC to get started.

Understanding Wills

Wills and trusts serve the same purpose, but the execution is a little different. At their core, they’re both designed to provide instructions and a list of your assets, so after your death your family and friends know what to do with your estate after your death.

However, a will is a little more straightforward to create. A will is a list of everything you own (your assets) and a list of who gets what (your beneficiaries). You’ll also name an executor – a trusted individual that you know can manage the whole process from start to finish. Wills are easy: You create your will, and you don’t have to think about it afterwards.

Unfortunately, when it comes to execution, a will is a little more complicated. Wills mean probate, and probate is a challenge in and of itself.

The Problem With Probate

Probate is the process through which the contents of your will are distributed and divided. It takes a long time, and there’s a chance for a dispute at each step along the way.

Your beneficiaries will have to be notified, and the will itself will need to be sent to a special court to make sure it’s completely legitimate. Then, your assets will need to be tracked down and valued, your final debts and taxes will have to be paid off, and all the necessary fees will have to be paid.

As you can imagine, probate is a pain. It can be hard enough to deal with the loss of a loved one without a mountain of paperwork and fees, so it’s important to consider any options that can minimize the headache. Fortunately, you can look into living trusts.

Understanding Living Trusts

Like a will, a living trust (oftentimes referred to as just a trust, but we’ll go into that later) provides instructions and a list of your assets. After your death, the instructions in your trust will be carried out and your beneficiaries will receive what you’ve left behind.

However, a trust cuts probate out of the equation completely. This is because a trust is actually set up by naming a third party to handle your estate. Unlike a will, there’s no probate, and the terms are set in stone. If you set up your trust with the help of a qualified Lithia trust attorney, there’s minimal chance of dispute.

Trusts do have a downside: They need to be actively managed throughout your lifetime. This is where the “living” in “living trust” comes from. While you may have to be a little more active when you create a trust, it’s often seen as a worthwhile effort to spare your friends and family any drama that can come with a simple will.

Get In Touch With Morton Law Firm LLC Today

It’s important to plan your future, whether you decide on a will or a trust. Fortunately, the team at Morton Law Firm LLC is standing by to help. If you’re ready to get started, get in touch with a Lithia trust attorney from our office today.