Last Will and Testament & Revocable Trust
- Sarah Martello
- Apr 22, 2020
- 2 min read
Estate Planning Essentials - Part 2
In addition to the advance directives, nearly everyone needs a Last Will and Testament and possibly a revocable trust.
A Last Will and Testament is a document that is prepared during your lifetime, that becomes effective when you die. It allows you to designate how and who you want your assets distributed to. However, a Will does not independently allow your estate to avoid probate. Rather, the will is the document that dictates certain aspects of the probate estate, such as who receives your assets and who will be given preference in appointment by the court to administer the estate.
Any assets you own as an individual or are entitled to at the time of your death, that fail to list a designated beneficiary, payable on death, or transfer on death, will be subject to probate.
A Revocable Living Trust is an instrument that, with proper funding, will allow your assets to pass to your beneficiaries without the need for probate.
Furthermore, creating a revocable living trust can provide additional planning opportunities. For example, a revocable living trust can be used to:
Financially care for your spouse/partner during their lifetime, while leaving the remaining assets to your children. This is often desirable in cases where you and/or your spouse/ partner have children from previous relationships.
Leave assets to a beneficiary to be held in trust and paid out by a trustee over the lifetime or specified time period. This can be a useful tool in situations where the beneficiary: (1) is a minor; (2) has a large amount of debt; (3) is financially irresponsible; (4) receives state benefits contingent on assets/income; or (5) otherwise suffers from a disability that may necessitate the use of a certain type of trust.
The attorneys at Florida Legal Counsel would love the opportunity to discuss your specific situation, advise which documents you need, and craft the estate plan that is best suited to protect you and your loved ones.
Want to learn more about essential estate planning documents? Check out our blog on Health Care Directives.
#Last Will and Testament
#Revocable Trust
#Estate Planning Documents
#Florida Estate Plan
#St. Petersburg Estate Plan Lawyer
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