No one wants to think about their death, but if you have any assets that you want to leave to others, you need to plan today. Although you may choose to create a will, you may want to consider a living trust as well. There are many advantages to doing this. The following are just a couple of things you should know.
A Living Trust Avoids Probate
If you have a will, upon your death, it will need to be filed with the county clerk. After this, it will have to go through a probate court. A judge will then sort through all of your liabilities in order to make sure your outstanding debts are paid, and all of your tax liabilities are up to date. The last thing a judge will do is disperse your remaining assets to your heirs. All of this takes time, but when you have a living trust, your assets are maintained in the trust. An estate planning lawyer in Fort Myers, FL, can give you more details.
There are Two Types of Living Trusts
There is a revocable living trust and an irrevocable living trust. A revocable living trust gets its name from the fact that you can make changes to it. For example, you may remove a beneficiary from the trust, or add another person. An irrevocable living trust cannot be changed. This is because you are transferring ownership of some of your assets to the trust, so you cannot make changes because you no longer own the assets. An estate planning lawyer in Fort Myers, FL can help you decide which is best for you.
A good legal firm that can help you with estate planning in the Fort Myers area is the Business Name.
