Wills & Trusts in Coral Gables, FL
Representation from an Experienced Probate Lawyer
Wills and trusts are extremely important tools used to protect family members and valuable assets. No matter how much property a person owns or what the value of their assets may be worth, establishing a will or trust can prove to be very beneficial. A will is a binding set of instructions that is left behind after a person passes away and a trust is used to hold property for the benefit of another person. Our Coral Gables probate lawyers at Gautier & Hasty, P.L. can help you explore your options and determine the best route to take for you, your family and your hard-earned property.
The Benefits of Creating a Will
A will, also known as a last will and testament, is used to leave behind your last wishes once you pass away. It allows you to specify matters such as:
- How you want your property to be divided and who will inherit it
- A guardian to take care of your minor children
- Someone to watch over the property of your minor children until they are of age
- The name of an executor responsible for administering these wishes
The Benefits of Creating a Trust
A trust is used to hold important and valuable assets for the benefit of another individual, known as a beneficiary. These assets are managed by a trustee until they are distributed to the beneficiaries named within the trust. The most common benefit of setting up a trust is that it allows one's beneficiaries to avoid probate. Distributing the assets and money in a trust is a private and simpler affair as compared to the public court process of probate. Certain trusts can also be used to minimize taxes placed on the assets that are transferred to your beneficiaries. To sum up, the benefits of creating a trust include:
- Avoiding probate
- Naming a trustee to manage your property
- Indicating the names of your beneficiaries who will inherit your estate
- Possibly minimizing the taxes placed on the assets of your trust
Discover your possibilities by speaking with a Miami estate planning attorney!
It is important to understand that if a will and/or trust are not created, your assets will then be transferred according to the laws of Florida. Without a general will set in place, state intestacy laws are used. These laws will distribute your property to your closest living family members and, if none can be found, your property will then become state property. Do not hesitate to contact Gautier & Hasty so that you can get started with protecting your loved ones and ensuring that your estate goes to the right hands!