Fort Myers Wills & Trusts Lawyer
Understanding Wills & Trusts
Creating a will and establishing trusts are important steps in the overall estate planning process. Trusts are not necessarily needed, but you may wish to establish trusts in order to better provide for family members and loved ones after you pass away. In order to avoid the State of Florida dividing your assets and properties according to their laws, it is necessary to create a will. Estate plans are not solely made for the purpose of preparing what will happen to your assets and properties after you die. Living wills may also be created when you construct an estate plan, as well as electing a guardian, and writing a power of attorney. You may need to use one or all of these items prior to passing, which is why it is important to hire an experienced Fort Myers wills & trusts lawyer. Don’t wait to get in touch with The Dorcey Law Firm if you wish to create a will for your estate plan or establish a trust.
What is the purpose of a will?
Any person who is of sound mind and of legal age can, and may find it necessary, to create a will. A will is a document that contains your last wishes and directions on how to divide your estate after you pass away. If you do not create a will, your estate will be divided according to Florida law, not according to your wishes. If you want certain people to receive certain assets, creating a valid will may ensure that they receive the items you wished. Wills also save families time and money during the probate process.
If you die without a will, your family will have to petition for administration, which may postpone the entire probate process. Guardians for children or incapacitated loved ones can also be in a will. A guardian will care for your loved ones if you should pass away unexpectedly. Naming an executor is also an important part of creating a will. An executor is a person who you trust to administer your estate after you pass, and they will have numerous legal responsibilities and duties. At The Dorcey Law Firm, PLC, our Fort Myers wills & trusts lawyers also has experience in legacy planning, for those who are searching for a more holistic approach to estate planning.
Trusts may be difficult to establish, as well as costly and time consuming. However, they do have positive aspects, and the benefits and objectives of establishing a trust may be worth the hassle for some clients. Trust may help avoid certain taxes, such as federal estate taxes. They may also help your family completely avoid the probate process altogether. When you put certain assets and property into a trust, they will not be counted in your probate estate. If you wish to protect your estate after it has been given to a beneficiary, a trust might be able to help. You can create certain terms regarding the distribution of your assets when you set up a trust. For example, if you want to leave $20,000 to your child, but do not want them to receive a lump sum after your death, a trust can distribute the money over a certain amount of time in increments that you see fit.
Contact a Fort Myers Wills & trusts lawyer from our firm!
Whether you are facing simple planning or complex planning when creating an estate plan, our firm has the ability to help. Our Fort Myers wills & trusts lawyers may assist clients with all supportive documents needed for a valid estate plan, as well as amend prior estate planning forms. Please contact our firm for more information regarding wills, trusts, and how to create a personalized estate plan that fits you and your family’s needs!