Law Office of Mary Alice Gwynn, PA
Trusts Can Act as Vital Parts of Estate Plans
Having the right information at the right time can make a considerable difference in many scenarios. In particular, after the passing of a loved one, having information on how that person wanted his or her final affairs settled is vital. Therefore, Florida residents will certainly want to take the time to create their estate plans and consider trusts to ensure that property is divided as desired.
Trusts can be especially useful planning tools because they keep assets out of probate. This means that assets that have been titled or otherwise funded to the trust can be passed on to beneficiaries more quickly. This benefit may be useful in the event that a person has minor children and their guardian needs access to funds for their care as soon as possible.
Though trusts can be immensely useful, they do not completely wipe out the need for will. Because there is no guarantee that individuals will remember or have the ability to put all their assets into the trusts before their passing, having pour-over wills can ensure that any remaining assets go into the trusts. Assets addressed by this type of will may still have to go through probate proceedings.
Trusts can have a number of uses, and different versions of this tool exist. If Florida residents are interested in utilizing this option as part of their estate plans, they may wish to explore them further. Consulting with estate planning attorneys could allow interested individuals to obtain reliable information as well as guidance on which type of trust may suit particular circumstances.