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How to choose between a will and a trust

On Behalf of | Jan 6, 2023 | Estate Planning

One of the unfortunate facts of life for people in Florida is that they will pass away at some point in time. It is something that everyone knows will come at some point in time, but it is not something people generally like to think about. However, it is something that people need to plan.

When people go through the estate planning process in Florida, there are many choices they need to make. They need to decide who will receive their property when they pass away, which is the main reason for an estate plan. However, people will also need to decide who will administer the estate and ensure the beneficiaries receive their inheritances as well as ensure they complete all of the necessary legal procedures.

People also need to decide which documents they will use to accomplish the goals of their estate plan. There are many different choices people have as different documents accomplish different goals, but one of the most basic choices people have is whether to use a will or a trust.

Differences between a will and a trust

A will is a more basic document. It states who will be the executor of the will and states who the beneficiaries will be and which ones will receive which property. They can also allow parents to state who they would like to be the guardian of their children. However, the estate will still need to go through probate. Wills do not provide any help for when people are incapacitated either.

A trust is generally a more complicated document. At a basic level, it accomplishes the same goals as a will, but a trust can provide more. Since property is actually transferred to the trust, it allows people to avoid probate. The trustee can just administer the estate. If a person is incapacitated, a trust still continues to function as well.

There are different factors people need to consider when choosing between a will and a trust in Florida. Experienced attorneys understand what may be best for people and can help guide them through the estate planning process.