After Theyre Gone: Florida Wills And Trusts

Nobody likes to think about the fact that they will one day die and leave all the people they love behind. But, some may also take solace in the fact that they can make sure that those left behind will be taken care of without having to worry about how things are to be split up. There are a few ways for an estate to be distributed with the least amount of fuss. Many states have the options of having a trust or will in place in the event of a death. Florida is no different. Florida trusts and wills have a few unique steps to take in order to ensure it will be upheld in probate, as do most other states.

A will is a written statement made in front of, and signed by, two witnesses, as well as the testator, or the creator of the will. In the state of Florida, the testator has to meet certain criteria in order to make the will valid. The testator must be at least 18 years old and of sound mind and body. Once the will is signed and witnessed, it must be filed with probate and be approved by probate in order for it to be valid. A will allows for the creator or creators to name a guardian for any minor children and it also allows for the naming of who gets what in the event of their death. A Florida will can be a simple, straightforward one or it can be extensive and require the help of an estate lawyer to make sure every need is met in the last will and testament.

There is a second option when dealing with the difficult decisions regarding the dispensing of the properties and possessions of the estate. That option is a trust. A Florida trust allows for the appointing of a trustee to oversee the management of property, including finances and real estate. The trustee is responsible for protecting the interest of the estate, including paying taxes and minimizing the need of probate. A trust can be made while the grantor, or person who established the trust, is alive or if they are deceased, according to the terms of their will. There are a few types of trusts. Depending on which is established will determine how much control the grantor has over any property or possessions placed in trust.

The most common is a testamentary trust. This type of Florida trust is created after death according to the clauses in place in the will. It determines what property and possessions included in the trust goes to the beneficiaries of the will. It also allows the decedent to specify when the property, including any money, is inherited. This is especially important in the case of minors. The settlor can decide when a minor who is inheriting property or money can receive the inheritance at a certain age, usually 18 years or 21 years, rather than the minor receiving it immediately after the settlor's death.

A revocable trust is a trust set up by the settlor who maintains ownership and control over the included property, finances and possessions. It can be changed at any time as long as the person is mentally capable of handling the trust. An irrevocable trust also can be created. With this type of trust, the owner gives up any rights and decisions to be made about anything included in the trust and cannot change anything once it is established. The best option for anyone who has an estate that is to be inherited would be to establish both a Florida will and a trust in order to ensure that the property included in the will and trust are distributed quickly, with the least amount of fees and taxes and, most of all, making sure that the wishes of the deceased are followed so the family can move on and look forward to the rest of their lives.