Tampa Wills & Trusts Attorney

A key part of any estate plan is determining who will inherit your estate at your death. As the owner of an asset, you get to decide who will own it once you are gone, and Florida places few limitations on you. For example, under Florida law, you can disinherit a child, if you want. You can leave the bulk of your estate to non-family or even to a charity.

The two most popular estate planning tools for transferring assets are wills and trusts. They are very different vehicles, however. Consider the differences below. Call a Tampa wills & trusts attorney at Ronald Cutler, P.A. to discuss which is right for you.

Differences Between wills and Trusts

Here are some considerations that are important to most people:

• Wills are public documents which go through probate. A trust is private and is administered outside probate. If privacy is important, you can create a trust and put most of your assets into it. You might also create a “pour over” will, which pours all your assets into a trust at death.
• Probating a will can take a year or more. Although people with smaller estates can avoid probate, larger estates can’t. A trustee can administer a trust much faster after death.
• A trust can provide for tax advantages. Of course, it depends on the trust. Not all trusts offer tax advantages. The most popular trust—a living trust—does not. Let’s discuss if tax planning is critical for you and then identify the right trust for your needs.
• You can provide for a pet with a trust. You can’t leave anything to a pet through a will because only humans can inherit. But you can leave assets in a trust for someone to use to take care of your pets.

It is harder, though not impossible, for a disappointed heir to challenge a trust. This is important if you want to disinherit a child.

Moving assets into a trust can shield them from creditors, which makes some trusts an important asset protection strategy. Because the trust owns the asset, it is not part of your estate, and your name is not on the title. Those facts could matter if you lose a lawsuit.

Some people have both a will and a trust, or even multiple trusts. You should schedule an appointment with a attorney to discuss your estate planning strategies.

Avoid DIY Estate Planning Solutions — Contact Our Tampa Wills and Trusts Attorneys

Too many people look online for will or trust templates and then plug in information. These might seem convenient, but they do not replace a attorney. At Ronald Cutler, P.A., we can jump in and help you think through your options to create a comprehensive estate plan.

People who create their own will or trust make some common mistakes—they forget critical information, don’t sign it properly, or leave assets to someone who should not inherit from them. These mistakes are avoidable if you work with an attorney. Call us today to speak with an experienced Tampa wills and trusts attorney about your needs.