Wills vs. Trusts in Florida: What Fits Your Family

Understanding Wills and Trusts

In Florida, estate planning often involves choosing between a last will and testament and a revocable living trust. Both tools serve to manage and distribute assets but function differently, especially regarding the probate process.

The Differences

A last will and testament is a legal document that outlines how your assets will be distributed upon your death. It also allows you to appoint guardians for minor children. However, a will must go through probate, a court-supervised process which can be time-consuming and costly.

On the other hand, a revocable living trust allows you to manage your assets during your lifetime and specify beneficiaries upon your death. One major advantage is that it enables your heirs to avoid probate, providing more immediate access to your assets. This can be especially beneficial for families wanting to keep matters private and expedite the distribution process.

Pros and Cons

Wills are typically simpler and less expensive to create initially. They ensure that your wishes are legally documented and allow you to designate guardianship for children. Yet, the probate process can delay asset distribution.

Trusts provide greater privacy, as they do not become public record. They also allow for a quicker transfer of assets to beneficiaries without the need for probate. However, trusts can be more complex and expensive to set up and require active management during your lifetime.

When to Consult a Lawyer

Consulting a Coral Gables will lawyer is advisable if your estate is complex, involves minor children, or if you want personal guidance in crafting either a will or a trust. An attorney can help tailor these documents to fit your specific needs and ensure they comply with Florida law.

Schedule a Consultation

Choosing the right estate planning tool is essential for protecting your family's future. Contact us at RAM Law & Title to schedule a consultation and explore which option best suits your family's needs and circumstances. Our team of experienced attorneys is here to assist you every step of the way.