How A Tampa Will Differs From A Trust
If you are creating an estate plan in Tampa, you may have heard that you need a will, a trust, or both. It’s common to have questions about these two documents, what sets them apart, and which one best fits your situation.
Understanding how wills and trusts work, how they differ, and how Florida law applies can help protect you, your assets, and your family. Our experienced Tampa estate planning lawyer explains what you need to know about each.
What You Need To Know About Creating a Will in Tampa
In the event of your death, a will lists your assets and details how you want them distributed. Under the Florida Statutes, it must be in writing, signed by you and two witnesses, and should name a personal representative to manage your estate. Other key points to keep in mind about creating a will in Florida:
- A will becomes a public record once it enters probate, meaning anyone can view it.
- Assets passing through a will cannot be distributed to your beneficiaries until the probate process is complete.
- A will has no effect during your lifetime, so it provides no help if you become incapacitated.
- You can change or revoke your will at any time, provided you have legal capacity.
- If you own real estate in another state, your family may face a separate probate proceeding in that state as well.
The most important thing to understand about a will is that it must pass through the Hillsborough County Probate Court before assets are distributed. It oversees the validation of the will, notification of creditors, and transfer of assets to beneficiaries.
The Benefits of A Trust in Tampa Estate Planning
A trust plays an important role in many Tampa estate plans, as it provides important benefits that a will doesn’t. It holds and manages assets, bypassing probate and allowing them to directly pass to beneficiaries. If you become unable to manage your own affairs, your successor trustee steps in, avoiding guardianship.
Other factors that make a trust the right choice for many Tampa families:
- A trust does not become part of the public record.
- Assets can be distributed to beneficiaries in a matter of weeks rather than months or years.
- A trust allows you to set conditions on how and when beneficiaries receive their inheritance.
- If you own property in multiple states, a trust eliminates the need for ancillary probate proceedings in each state.
Most comprehensive estate plans pair a living trust with a pour-over will that captures any assets not transferred to the trust before death.
Contact Our Experienced Tampa Estate Planning Lawyers Today
Choosing between a will and a trust is one of the most important decisions in any estate plan. For many families, the right answer is not one document or the other but a combination of both.
At Bubley & Bubley, P.A., our experienced Tampa estate planning lawyer helps clients build personalized plans that protect what matters most. Contact our office today to schedule a consultation.
Sources:
flsenate.gov/Laws/Statutes/2011/732.502
hillsclerk.com/court-services/probate-guardianship-and-trust
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html
