Fort Lauderdale Wills & Trusts Attorney

Planning for the future should include drafting legal documents for distributing your estate at death. Most people have substantial assets, even if they don’t know it. Retirement accounts, motor vehicles, personal property, and even bank accounts are all assets which someone will inherit when you die. Currently, the most popular estate planning documents are wills and trusts. You can use either vehicle to leave assets to loved ones after death.

Call Ronald Cutler, P.A., today to discuss estate planning with an experienced attorney. Our Fort Lauderdale wills & trusts attorney can create any legal document that you need and answer your questions.

When Do You Need a Will?

A last will and testament serves multiple purposes:

• You name a personal representative who will guide your estate through probate, pay your debts after death, and distribute your estate.
• You can name guardians for any minor children.
• You identify who will inherit your probate assets from you. These are beneficiaries. You can divide an estate evenly between people or leave individual assets to specific individuals.

Only someone with capacity can draft a will, and your will must comply with state requirements. A judge can refuse to probate a will that is missing critical information or fails to follow state requirements.

Wills are a popular estate planning tool. However, you should also consider other options for leaving assets. For example, you name a beneficiary on retirement accounts, which do not pass through probate. You can also own real estate and bank accounts jointly with a right of survivorship. Let us discuss whether these are better options.

Can You Benefit from a Trust?

Trusts are a legal way of owning assets. A trust involves the following people:

• Grantor: this person sets up the trust and transfers their property to the trust.
• Beneficiary: this person gains the benefit of the property or assets in the trust.
• Trustee: the trustee will manage the trust assets for the benefit of a beneficiary.

There are dozens of possible trusts. A living trust is very common, which grantors create while alive. It is revocable, meaning the grantor can unwind it if they want. Typically, they also serve as the trustee and beneficiary while living. At death, the assets usually pass to someone, so the trust can operate like a will.

Other trusts have tax advantages or are best for those engaging in Medicaid planning. Some trusts are irrevocable, meaning the grantor can’t unwind or change them after creation. Instead, the assets are owned by the trust permanently. Irrevocable trusts are often important in tax planning or asset protection. You should discuss with a attorney whether you want to create a trust and, if so, which type.

Contact Our Fort Lauderdale Wills & Trusts Attorney

Ronald Cutler has deep experience in estate planning, including in the creation of wills and trust. His firm is available to meet for a consultation with anyone who has questions. Call our office to speak with a Fort Lauderdale wills and trusts attorney.