The following are some of the main advantages to a trust as opposed to a will:
A trust allows you to avoid probate if it is properly funded.
A trust administration is generally a more private procedure than a probate administration. When administering a trust in the State of Florida you are not required to file a copy of the trust with the Court, nor are you generally required to disclose the contents of the trust to any non-beneficiaries.
If you own real property that is located outside of the State of Florida, a trust can serve as a great tool to avoid probate in that particular state (however, you may still be subject to paying estate and/or transfer tax in that state).
A trust is also a great tool for tax planning.
The above list is not comprehensive and there are other reasons and/or advantages to having a trust.
Many clients are surprised to learn that so long as they are married a trust is often not necessary to avoid probate upon the first spouse’s death. Unfortunately, in my opinion, many attorneys recommend for clients to create trusts far too often when they are not necessary. The fees for an attorney to prepare trust package are generally at least double that of a standard estate package.
I have plenty of clients, married and unmarried, that have revocable trusts. Every client’s situation and reasons for possibly having a trust differ. I would be happy to meet with you for a free consultation to discuss your estate plan and whether or not a trust being part of that plan would be in your best interests at this time.
Please give me a call to schedule an appointment (352) 365-2262
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