Your Central Florida Wills & Trusts Lawyer

Wills and trusts are critical components of estate planning. They can help you manage your assets and ensure your wishes are followed after your death or if you become incapacitated. Knowing that your affairs are in order and your loved ones will be taken care of according to your wishes can provide significant peace of mind. Clear instructions in a will or a trust can help family members make decisions during a difficult time, reducing stress and potential conflicts. There are, however, several important differences between a will and a trust. John A. Russo, an experienced Brevard County Estate Planning attorney, can help guide you through the process of determining which is better for you. He will analyze your specific situation, and help you determine the best approach for you and your estate, based on your individual circumstances, goals, and wishes.

What is a Will?
Simply put, a will is a legal document that specifies how your assets will be distributed after your death. A will allows you to specify who will receive your assets, who will be responsible for managing your estate and ensuring your wishes are carried out. 

What is a Trust?
A trust is a legal arrangement in which one party (the grantor or settlor) transfers assets to another party (the trustee) to hold and manage for the benefit of a third party (the beneficiary). Trusts are versatile tools that can serve various purposes, including asset management, tax planning, and providing for loved ones.

Which is better for me, a Will or a Trust?
It depends on your situation. Wills and Trusts each have advantages and limitations. John Russo, an experienced Central Florida Estate Planning Attorney, will help you make the best decision based on your personal circumstances. 

What are some advantages and limitations of a Will?

There are several advantages to choosing a Will to ensure your wishes are followed. Among these advantages are:

• A Will allows you to specify your wishes clearly.
• A Will can be easily updated and amended as your circumstances change.
• A Will helps avoid conflicts among surviving family members.

At the same time, a will can have some limitations that may make it not the best choice for you. Some of these limitations include:

• A Will may be subject to probate, which can be time-consuming and costly.
• A Will becomes a public document after your death. If privacy is a concern, a will may not be your best option. 

What are the advantages and limitations of a Trust?
As with a Will, there are also advantages to choosing a Trust as part of your estate plan.  Some of these advantages include:

• A Trust can help you avoid the probate process. 
• A Trust can provide privacy, since they do not become public records after your death.
• A Trust can offer tax benefits.
• A Trust allows for specific instructions on how and when assets are distributed.
• A Trust can protect your assets from creditors and lawsuits.

There are also some limitations to a Trust. While Trusts have several advantages, it’s important to remember that a trust can be complex and expensive to set up and manage.  It also requires ongoing administration and management, which can add additional costs.

How can I decide between a Will and a Trust?

There are several factors to consider when choosing between a Will and a Trust for your estate planning needs.

• Simplicity vs. Complexity: Wills are generally simpler and less expensive to create, making them suitable for individuals with straightforward estates. Trusts are more complex and can be more costly to establish and maintain, but they offer greater control and flexibility. 
• Probate Concerns: If avoiding probate is a priority, then a Trust might be a better option.
• Asset Management During Incapacity: Trusts provide mechanisms for managing your assets if you become incapacitated, which a Will cannot do.

Many of our clients use a combination of both a Will and a Trust to cover all aspects of their estate planning needs. A Will can handle the distribution of personal items and appoint guardians for minor children, while a Trust can manage the distribution of significant assets and provide for beneficiaries under specific conditions.

The Law Offices of John A Russo, an experienced Central Florida estate planning firm, uses a collaborative approach when working with clients on their estate planning needs. By working closely with you to understand your individual circumstances and goals, they will help determine the best estate planning option for you and your family.