Should You Choose A Will Or A Trust?

Wills and trusts are often the most essential parts of an estate plan. They are a means of passing your assets to the people you intend. Whether you set up a will, a trust or both will depend upon your assets and what you want to do with them. An attorney can help you understand the benefits of wills and trusts, and how to use them to achieve your wishes.

Benefits Of A Will

Most people know about wills but not everyone understands the full extent of their use. A will essentially allows you to state what should be done with your belongings after you have passed away. You can also state other wishes such as who would care for your children if you happened to pass away unexpectedly.

The main benefit of a will is the control you have over its contents and over your belongings. A will can be modified at any time so you are able to update it throughout life after important changes.

Benefits Of A Trust

When you set up a trust, you assign a trustee who will gain automatic ownership of the assets in the trust when you pass away. It allows parts of your estate to be given to an heir without going through the probate process. Probate has its benefits but it can be costly and reduce the value of an estate so some people want certain assets to bypass the process. Another benefit is that trusts are private, whereas assets that go through probate will appear in public record.

Consult With A Lawyer About Your Plan

At the law firm of David Howard Goldberg, P.L., we make sure our clients understand every aspect of an estate plan. We will help to secure your future. To schedule a free consultation, please contact us online or call our office at 305-760-8888. We are located in Miami and serve the surrounding areas of Florida.