What is a Will and What is a Trust?
No one likes to think about it, but we all have to eventually plan for it one day – writing a will. When we think of wills we think of old people on their deathbed who want to leave a bunch of stuff – some valuable and some sentimental – to loved ones they will leave behind. It is rare to find younger people thinking about their mortality, because it does not register that you can be here one day and gone the next. Drawing up a will is not just for grandma or grandpa, it is for everyone. People who have chronic illnesses often have their wills drawn up as well because of their health situation. Doing so takes professional help; assistance from a reputable will and trust attorney in Fort Lauderdale.
Zuckerman Law, LLC have been helping individuals and families construct wills and trusts for many years. They understand the importance of looking ahead to the future instead of just focusing on the here and now. Making sure your loved ones are taken care of when you pass should be a priority for everyone, especially if you have children, a spouse or a loved one who has been by your side and supported you. Finding a reputable will and trust attorney in Fort Lauderdale like Zuckerman Law, LLC makes it easier to deal with and process the fact that you will not always be around.
A last will and testament goes into effect upon the author’s death, while a living trust goes into effect as soon as it is signed. You may change both up until the time you pass away, as long as you are mentally sound.
A will can only govern property or assets owned directly by the testator (the person who wrote the will). It can not govern any property or assets a beneficiary will get by operation of law or contract.
A living trust can govern any property it is funded with. The grantor then transfers their assets into the trust.
In order to transfer property under a will, probate is needed. Probate is not needed for a living trust.
Wills also become public record once they pass through probate. Trusts remain private.
With a will, if the author of it becomes mentally unstable, their loved ones can not step in to handle their affairs. They must ask the court to appoint someone. Provisions can be written into a living trust as to who can handle the affairs of grantor if they become mentally unstable.
It is not a fun thing to do, but eventually we all have to think about writing a will or trust. When it is time, get a reputable will and trust attorney in Fort Lauderdale. Zuckerman Law, LLC have the experience you need to help guide you through this process. Give them a call today and let them sit with you so you can get started and plan a future for your loved ones once you have passed on.