The Florida estate planning process is specific to the needs of the estate owner. Many documents can be changed or updated as needed in accordance with applicable laws that govern such issues. Many people wonder whether it is best to bequeath certain assets, such as a house, by listing it in a will or placing it in trust.
Both a will and a trust can be used in the same estate plan. Then again, there are no laws that require the use of certain documents. To that extent, it is possible to have an estate plan without a will or trust. But it’s not typically recommended.
How does a will differ from a trust?
A last will and testament typically lists assets an estate owner wishes to bequeath to specific beneficiaries. Some people do this through general instructions, such as specifying that all assets should be equally split between those whose names are listed. A trust, on the other hand, holds certain assets aside for a specific person or purpose. A trustee is appointed to manage the trust assets.
It is often best to place an asset like a house in trust, rather than list it as an asset in a last will and testament. Assets in an irrevocable trust are not subject to estate taxation. A Florida estate planning and probate attorney can provide guidance and support to anyone with questions regarding whether a particular asset is best placed in trust or listed in a will.