Trust Miami, Will and Estate Planning
About Trust Miami, Will and Estate Planning
A Will or a testament, as it is commonly called, is a very formal legal process in estate planning; it ensures that your intentions in regards to your assets and belongings are followed upon your death. It is important to know that some requirements should be met to be valued by the court.
Writing a Will is not only for affluent people but people of all economic levels. Without a Will, your properties and estate will be subjected to the laws of Florida and they might not be distributed as you would wish.
A Will can also permit you to appoint a guardian for any minor you have and a representative to manage your estate. On the other hand, the court will assign one without taking into consideration your desires.A properly executed Will must be witnessed, except if it is a self-providing Will which should be notarized.
Requirements for a Will Miami
There are certain requirements the individual(s) preparing a Will must take into account, from being mentally capable to know what a will is. They may vary depending on the jurisdiction. Here are some of the requisites you should have in mind:
- Be 18 years old or an isolated youngster
- Sign and date the Will. Witnesses should sign the Will as well in the testator’s physical presence.
- List who inherits and what it is inherited
- Address an executor to be responsible for the execution of the property distribution
- Choose a guardian for the minor(s)
Types of Will
Drafting a Will that explains how you would like your properties and belongings be distributed after your death is a smart thing. Wills are written documents; however, there are states that recognize other types of Will. Here are some:
- Holographic Will: This is a handwritten will without the attendance of a witness or witnesses. It is usually drafted in specific or limited circumstances.
- Self-providing Will: This is the most common Will which has been signed and witnessed with all the requirements present.
- Oral Will: This is an unwritten disposition of property. It is drafted only in imperative circumstances, and only few states recognize it.
In contrast to a Will, a trust can be effective even when the settler is still alive. It is a legal document in which one party, known as a settler, gives another party, the trustee, the power to manage and supervise, and distribute the property and belongings to the beneficiary; in addition, the trustee(s) will ensure that the trust operates the way the grantor has requested. The trust allows others to take care of your assets when you are not able to. Opposite to a will, a trust usually allows to have more control over the funds and the distribution to the beneficiaries. That is to say, the funds can be dispensed according to specific purpose such as education, or monthly disbursement arrangements.
Requirements for a Trust
A Trust will protect the trustee in the future. Sometimes you need someone to make a decision when you get sick and a living trust allows a trustee to do it for you. Its main purpose is to hold assets for you and for the beneficiaries. As with wills, a trust must be properly created and conducted under the law of Florida. It is a relatively simple process. Here is what you have to do:
- At least you need to include one beneficiary other than yourself.
- The trust must be written, oral ones are not valid.
- Required deeds for property must be signed, they include homes and automobiles.
Types of Trusts
DA Trust may be described differently depending on the characteristics and purpose of it. There are several types of trusts mentioned below:
- Living Trust: As the name suggests, it is a trust created while you are alive. This is also known as inter trust.
- Testamentary Trust: The trust is created through a will and it goes through probate. It is usually created following the settlers death.
- Revocable Trust: This trust may be revoked or terminated at the settlers request at any time for any reason.
- Irrevocable Trust: Contrary to the revocable trust, this one cannot be terminated or revoked for any reason until the terms of the trust have been completed.
- Spendthrift Trust: This trust can be a living or a testamentary trust. It forbids beneficiaries and creditors from getting the trust.
Advantages of a Trust Miami
A Trust allows you to have a written legal document assigning your assets upon your death. Here are reasons why it could help you:
- The trust document provides privacy. It is never made public, this permits your estate be distributed in privacy; while in the other hand, a will is a public record.
- The trust document allows naming alternative beneficiaries if the primary becomes ill, or die. With a will, and no durable power of attorney, the court has the power to assign someone to supervise the financial affairs and inform the court for any transaction, sales and expenses approval.
- Property through a trust never goes by way of probate. In few weeks, your trustee will be able to make the distribution according to the instructions. While with a will, the estate will go through court proceedings, which can take from months to years, for the distribution of the assets according to the instructions.
Durable Power of Attorney Florida
A Power of Attorney is a legal document that gives an individual you trust the authority to act on your personal interest. There are several kinds of Power of Attorney. In estate planning, the most important is the Durable Power of Attorney.
The Durable Power of Attorney is the legal power you give to someone to take care of your financial matters, make decisions in regards to your health if you become incapacitated, and handle other business during your disability. This document should only be signed by a capable individual who understands the repercussions the Power will have.
When you have a Durable Power of Attorney for healthcare purposes, it is important to designate an agent and a second agent will be also useful in case the first one becomes unavailable or unwilling to make a decision. Your agent will remind your physician of your desires.
Will and Trust Attorney in Miami
Wills and Trusts are the two main vehicles for protecting your assets for your loved ones. That is why it is important to contact a qualified Florida attorney to help you establish a trust or create a will.
Florida attorneys have been assisting clients with wills and trusts issues, containing living wills, durable power of attorney, and personal residence trusts for quite a time now. They understand that wills and trusts matters are top priority for Florida residents. They work diligently to assist with asset protection plans for individuals, married couples and life partners.
Consequently, if you are in the process of creating a will or a trust, it will be significant to consult with a Florida wills and trusts attorney to guarantee that the concepts have properly been followed for the documents to be valid.
Gallardo Law Firm
Trusts and Wills Lawyers at Gallardo offices are qualified working with the different kinds of wills and trusts, their legal formalities and the tax implications. Regardless of the type the clients are wishing, our attorneys guide them through the legal process with the utmost respect and care they deserve. The attorneys will explain how the law affects their cases and the legal options available.
Our attorneys will deliver compelling strategies geared toward achieving the resolution for your case. Our attorneys are highly qualified for develop various types of wills and trusts as well as power of attorneys. We also have legal advise online on the website.