Law Office of Mary Alice Gwynn, PA
If Avoiding Probate Is an Estate Planning Goal, Trusts Can Help
It is not unusual for people to want to complete their estate plans as quickly as possible. However, if Florida residents do not go over all of their available planning options, they may miss out on a tool that could help them create comprehensive plans. For example, trusts can help achieve a number of goals that individuals may have for their estates.
Some individuals may not want their surviving loved ones to have to go through the process of settling an estate through probate. Creating trusts can help avoid probate because assets are moved out of the estate and into the ownership of the trusts. As a result, families may save time and money because probate costs and steps are avoided, and they may also receive their bequests more quickly.
Additionally, trusts can help protect the assets of the estate. Again, assets in a trust no longer belong to the estate, which means that if a creditor makes a claim against the estate or a beneficiary, the assets in the trust are protected. They cannot be seized by creditors or used to pay any individual monetary judgment.
Of course, in order for trusts to work properly, they must be created properly. If Florida residents want to make the most out of the benefits of this planning tool, they may want to ensure that they use it correctly. Estate planning attorneys can help interested parties use this tool to protect assets and achieve other goals and ensure that the documents comply with the necessary laws.