Clearwater Trusts Lawyer
A properly drafted Will or Trust is a guide map that leaves no doubt about your wishes in the event of your death. It provides comfort and direction to your loved ones, avoiding quarrels and simplifying or avoiding probate.
Largo estate planning attorney Susan M. Charles can advise you on which document or combination of documents will best suit your estate planning goals. Call 866.607.6531 for a free consultation. The Charles Law Offices serves clients in Pinellas County, Hillsborough County and the Tampa Bay area.
AV Preeminent* rated, Master of Laws in Elder Law, member of the National Academy of Elder Law Attorneys (NAELA), member of the Academy of Florida Elder Law Attorneys (AFELA)
Estate Planning Documents to Achieve Your Goals
There are several ways to transfer assets using estate planning documents. The most common are Wills and Trusts. You can also do direct gifting during your lifetime and use life insurance (or a Life Insurance Trust). Choosing the right tool to transfer assets will depend upon:
- The type of asset you want to transfer and when you want to transfer it
- How you want the beneficiary to receive it (do you want to put any restrictions or conditions on your gift?)
- What other goals you want to achieve, such as tax savings, avoiding probate, or charitable giving
A Simple Will allows you to name beneficiaries, specify who will inherit what, and appoint a guardian for your minor children. A Will is less costly than a Trust, but it will have to go through the Florida probate process, which can add costs and time.
Trusts, while initially more expensive, avoid the cost and delays of the Florida probate process. There are many types of Trusts to choose from and they are often an excellent choice for achieving specific goals. For example:
- A Special Needs Trust can provide ongoing financial support for a disabled child or family member.
- A Charitable Trust can transfer assets to a charity and a Land Trust can hold land in perpetuity, protecting it from being developed.
- An Education Trust can fund college for your grandchildren.
- A Living Trust can be changed or cancelled.
A Trust can be "revocable" (meaning you retain control over the assets in the Trust during your lifetime) or "irrevocable" (meaning once you set up the Trust, you no longer have control over the assets).
You can put conditions on a Trust, such as naming a child as an heir, but not transferring control of the assets until the child reaches a certain age or meets certain conditions.
See our Frequently Asked Questions for more information about Wills and Trusts.
The Importance of Keeping Documents Updated
One of the most important goals of an estate plan is to ensure your wishes can be carried out as you intend. That can only happen if your estate planning documents are kept current. It's wise to review your Will and Trust documents every five (5) years or so to ensure they are in line with your current financial and family situation.
These types of events should trigger a review of your estate plan:
- Marriage or divorce
- Additional children in the family
- Serious disability or degenerative illness, especially Alzheimer's or dementia
- The death of a person previously named a guardian or trustee
- In the case of a Trust, the addition of significant assets to the estate
Clearwater attorney Susan Charles can review your existing estate plan and make revisions for you. To schedule a consultation, call 866.607.6531 or contact us online
*AV Preeminent and BV Distinguished are certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the bar and the judiciary. Martindale-Hubbell ratings fall into two categories: legal ability and general ethical standards.
