Wills & Trusts
Wills
Whether you’re a young couple expecting your first child or a seasoned adult looking to travel the world, having a will is essential.
A will expresses how you wish to distribute your property after your death. If you die without a will in place, the court system is going to make these decisions for you and their decision may not reflect your wishes.
You should have a will particularly if you intend to leave property to a person or entity other than a blood relative, such as a domestic partner, a friend or a charity, or if you have minor children. BCN Wills and Trusts Attorneys will ensure your wishes are honored. Any property not transferred by your living trust or other method (such as joint tenancy) will go to your closest relatives as determined by Florida law.
If you’ve already made a will, you may need to update it to reflect changes in your financial status, number and ages of children, state of residence, marital status, charitable gifts you’d like to leave and lifestyle changes.
Living Wills
Another important document is an advanced directive known as a living will, which sets the guidelines for medical intervention if you are unable to make the decisions yourself due to illness, trauma or other incapacity. Living wills ensure that when you can’t voice your own wishes, they will still be honored. BCN Law Firm can provide you with all the advance directive documents as part of a comprehensive estate plan.
Living Trusts
While there are several forms of “trusts”, the most common is known as a living trust. When you enter into a living trust, one person or entity holds legal title to property for another person, (known as the beneficiary). You can be the trustee of your own living trust, and maintain control over all the property held in that trust. A “living trust” is created during your lifetime, rather than at the time of your death. It is primary benefit is to allow your family to avoid the expense and delay of probate after your death.
If your net worth is under $75,000 when you die, the probate process is relatively quick and straightforward. Chances are good that if you have a will, that will suffice. Your BCN Trust Attorney will help you determine if it’s in your best interest to have a Living Trust.
Living Trusts do not take the place of a will. Property not included in your living trust or other method will be distributed to relatives per Florida law.
Some trusts can actually help reduce your tax liability. Your BCN Law Firm attorney will discuss all of this with you, explain your options and help you make the best choices for your situation.
Whether you live in The Villages®
