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When a Trust is Better Than a Will

Having a will is a must to pass your assets on to your heirs, but there are certain circumstances under which a trust will serve your needs better. These include:

When you want to avoid probate. Every Florida will must go through the probate process in order to implement the instructions in the will. If you want to pass assets without probate, setting up a trust will allow you to do this. Avoiding probate is generally preferable since the probate process can be time-consuming and costly. Probate also ties up estate assets, making them unavailable to beneficiaries until probate is closed.

When you want privacy. Since a will must go through probate, it becomes a matter of public record for anyone to see. A trust document is private.

When you want to provide for someone with special needs. A Special Needs Trust can help you provide for a child or other dependant with special needs without impacting their qualification for important government benefits. While you can use a will to pass assets along to someone with special needs, a will does not protect these assets.

When you have a blended family. If you are remarried and have children from a previous marriage you want to provide for, setting up a trust provides greater flexibility for you to provide for both your children and your current spouse.

When you own property outside Florida. Transferring out-of-state property is more easily done with a trust than a will, since your beneficiaries will not incur additional legal expenses in probating a will in another state.

When you need asset protection. If you or your beneficiaries need to protect assets from creditors, a trust can provide you with the necessary asset protection whereas a will cannot offer asset protection.

The Dorcey Law Firm, PLC, focuses on estate planning and asset protection for Florida residents. If you need assistance with planning for your family’s future, contact our Fort Myers estate planning law firm for your free consultation.

Categories: Trusts, Wills
dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169
Website: http://www.dorceylaw.com
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