The right approach to an estate plan depends on the individual’s goals and needs for the future. It is beneficial for adults of all ages and income levels to consider what will happen to their money and assets after they pass. In many cases, this can be as simple as drafting a will, but this is not always enough protection. In some situations, a living trust may be a more effective tool to complete an estate plan and secure a Florida adult’s legal and financial future.
Accomplishing specific goals
A living trust may offer a few benefits that one cannot get through a will alone. One of these specific benefits is the avoidance of the probate process. Any assets held within a trust are not subject to probate. This is an attractive benefit for many as probate is a court-supervised process that can take months to complete.
It is possible to choose a revocable trust, and option that allows one to remove and add assets to the trust as wanted over the course of his or her lifetime. By passing wealth and assets through a trust, it may be easier to control what happens. A trust is a practical way to protect and set aside assets for beneficiaries or for a specific purpose, such as charitable giving.
Considering the future
An estate plan is a tool that any adult can use to control what happens to wealth and assets in the future. A will is a basic building block for a good plan, but a living trust may also be smart. An assessment of the individual estate can reveal what may be important and helpful for the individual situation.