Last Will and Testament
All property an individual owns in his or her own name at the time of death must pass through probate in order to be distributed to heirs or beneficiaries. A Will is your directions to the court on how your property should be distributed upon your death. If you do not execute a Will, the State of Florida has legislation in place which dictates who will receive your assets. Executing a Will allows you to control who receives your assets after your death.
Wills are also useful in establishing trusts for beneficiaries, appointing guardians for minor and/or incapacitated children and directing your funeral desires.
Revocable Living Trust Agreements
A Revocable Living Trust Agreement is a useful tool in avoiding probate and helping to avoid the necessity of a guardianship in the event of your incapacity. Living Trusts work by transferring all of your assets into the trust thereby avoiding the necessity of probate in the event of your death.
In addition to maintaining control of your assets during your lifetime. a Living Trust allows you to appoint a Successor to act on your behalf in the event you are determined to be incapacitated. A Living Trust also sets forth your directions for distribution of your assets upon your death.