Do I Need A Trust Or A Will? Our Tampa Estate Planning Lawyer Explains Key Differences
Estate planning in Tampa helps protect you, your property and assets, and your loved ones. People often assume a will is all they need to accomplish those goals, but a trust may be the better option.
In truth, the best choice depends on the complexity of your estate and how you want to manage assets during your lifetime and after death. Our experienced Tampa estate planning lawyer explains what you need to know about both wills and trusts and how to pick the one that is right for you.
Wills in Tampa Estate Plans: Simpler, But Subject to Probate
A will is one of the most basic but important estate planning documents, and legal requirements for creating one are listed under the Florida Statutes. You can use a will in Tampa to convey your final wishes, designate beneficiaries, and provide an inventory of your property and assets. It also determines how distributions are made and settles any outstanding debts.
While a will is something everyone needs, Gallup polls show nearly half of all adults do not have one in place. Consider creating one if:
- You own property and assets you want to pass to adult children or other family members.
- You have minor children and want to name a guardian for them.
- You want to prevent family disputes by clearly communicating your wishes.
- You have a small estate and are making straightforward distributions.
Keep in mind that even with a valid Tampa will, your estate is still subject to Hillsborough County Probate Court proceedings. This can be time-consuming and may require attending multiple court hearings, potentially making sensitive information public.
Creating A Trust In Tampa: Flexible Planning That Allows You To Avoid Probate
Creating a trust in Tampa allows you to make more detailed distributions to beneficiaries. One of the many benefits is it also allows you to bypass probate court.
Although it takes more time and effort to set up, creating a trust can provide greater peace of mind and privacy. You may want to consider it as an option if you:
- Want to avoid probate and reduce delays in making distributions;
- Own real estate in multiple states;
- Have a blended family or beneficiaries with special needs;
- Want more input on how minor children are raised in the event of your death;
- Want to plan for incapacity and appoint a trustee in advance;
- Prefer to keep your estate matters private and out of court.
Our Tampa estate planning lawyer can help you create a trust that meets Florida’s legal requirements and supports your long-term goals.
Request A Consultation Today To Speak With Our Experienced Tampa Estate Planning Lawyer
At Bubley & Bubley, P.A., we provide trusted legal guidance to clients throughout Hillsborough County, explaining their estate planning options. Whether you are considering creating a will, a trust, or both, we ensure all documents are legally valid and protect your best interests. To speak with our experienced Tampa estate planning lawyer, contact our office today and request a consultation.
Sources:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/Sections/0732.502.html
news.gallup.com/poll/351500/how-many-americans-have-will.aspx
hillsclerk.com/court-services/probate-guardianship-and-trust
