Do you know the true cost of not having a will?
Without proper estate planning, your assets may end up in probate court or be subject to unnecessary taxes.
Our Oviedo wills and trusts attorneys at Vollrath Law can help ensure your assets are protected and passed down to your loved ones.
We specialize in creating personalized estate plans that protect your assets and ensure your wishes are carried out. Our attorneys will work with you to determine the best course of action, whether creating a will, establishing a trust, or other options.
With our guidance, you can rest assured that your legacy is secure.
Ready to take control of your estate planning? Contact Vollrath Law in Oviedo today to schedule a consultation with one of our experienced attorneys.
Together, we’ll create a plan to protect your assets and give you peace of mind.
Your Will Should Be a Reflection of Your Life
Many Americans are under the mistaken belief that estate planning is only for the wealthy. At Vollrath Law, we believe everyone needs a will, irrespective of the amount of money they have or the property they own.
You and your loved ones are entitled to the peace of mind that comes with proactive steps that clarify your wishes and goals.
A will is a legal document explaining your wishes on how your property will be distributed upon your death. If you die without one, the ever-changing Florida laws on dying intestate will dictate those decisions, not you or your family.
With a will, the probate process is simplified and provides your selected representative or executor the blueprint for distributing your assets.
Trusts May Make Sense
A trust is a legal arrangement in which a trustee manages assets for the benefit of a beneficiary. One of the most commonly used in estate planning includes a living trust, which can be used to avoid probate, offer more privacy, and protect assets during and after your lifetime.
However, many other types of trusts may be appropriate for your estate plan, serving various purposes, including:
- Avoiding, minimizing, or postponing estate taxes
- Avoiding probate court
- Passing assets to children from a previous marriage
- Supplementing the care of a special needs child
- Creating a nonprofit organization or establishing charitable contributions
At Vollrath Law, we assist residents of central Florida with preparing and administrating living, testamentary, revocable, and irrevocable trusts. We also offer trust beneficiaries assistance with preparing and filing necessary documents and administrating trusts.
We know the estate planning world is loaded with legalese, making determining what is being accomplished difficult. We emphasize clear communication in a language our clients understand so they know all their options and can make informed decisions.
Wills Vs. Trusts: Which One Is Right for You?
When it comes to estate planning, both a will and a trust are legal arrangements that can help protect your assets and ensure that your loved ones are taken care of after you pass away. However, your choice of option will depend on your circumstances.
A trust may be better if:
- You have a large or complicated estate
- You want to avoid the probate process
- You want to protect your assets from creditors
- You want to speed up your loved one’s access to their inheritance
- You have minor children and want to appoint a trusted individual to manage their assets
On the other hand, a will is a simpler and less expensive option. A will is a legal document that outlines how you want your assets distributed after you pass away. However, wills require probate, which can be time-consuming and will be a matter of public record.
A will may be the better option if you have a smaller estate and do not have minor children. It can help ensure that all your assets are distributed according to your wishes, and you can appoint an executor to carry out your wishes.
However, both a will and trust are important in a comprehensive estate plan and are not mutually exclusive.
Wills and Trusts Are Only One Part of Estate Planning
Another common misunderstanding is that wills and trusts are something you can wait until later in life to create. If you have loved ones in your life and any amount of assets, you should have a basic estate plan in place.
During your free initial consultation with an estate planning lawyer, we will spend time with you to identify your objectives.
We can thoroughly review your current estate documents, even if they are several years old or created in another state, to ensure they comply with Florida’s requirements.
But wills and trusts are only one part of a comprehensive estate plan.
Additional documents are strongly recommended, each one having its unique purpose:
- A durable power of attorney allows you to designate someone to make your financial and business decisions, which includes signing contracts, deeds, tax returns, and other documents.
- A healthcare surrogate is also known as a healthcare proxy. You designate this person to make medical decisions if you cannot communicate your wishes.
- A living will establishes your wishes when you die and cannot express them. You make the decisions regarding end-of-life care, including nutrition, artificial respiration, resuscitation, or medication to relieve pain that may hasten death.
Our Oviedo Estate Planning Lawyers Help You Navigate Trust and Estate Administration
Trust administration and estate administration are legally complex processes that require the help of a lawyer.
Specific steps may be required, including:
- Preparation of fiduciary income tax returns
- Trust modifications, revocations, and terminations
- Actions to determine designated beneficiaries
Emotions can come into play in administering a trust or will, especially when disputes arise. At Vollrath Law, we protect the best interests of our clients in resolving emotionally charged issues in mediation or litigation.
Contact Vollrath Law Today
Do you want to ensure your assets are protected and passed down to your loved ones? Without proper estate planning, your assets may be at risk.
Our wills and trusts attorneys can help guide you through the complex process and ensure your wishes are fulfilled.
Call our law offices in Oviedo, FL, to schedule a FREE initial consultation with an experienced Oviedo wills and trusts attorney.
FAQ: Wills and Trusts
What is the difference between a will and a trust?
A will is a legal document that outlines how you want your assets distributed after you pass away. At the same time, a trust is a legal arrangement in which a trustee manages assets to benefit a beneficiary.
What is probate, and how can I avoid it?
Probate is the legal process of distributing a person’s assets after they pass away. You can avoid probate with a trust, but a will requires probate.
How can I ensure my wishes are fulfilled after I pass away?
By creating a valid will or trust, you can ensure that your wishes are carried out, and your assets are distributed according to your wishes.
Can I update my will or trust?
Yes, updating your will or trust periodically is important to ensure it reflects your current wishes.
Do I need an attorney to create a will or trust?
While it is possible to create a will or trust without an attorney, consulting with an experienced estate planning attorney is recommended to ensure that your wishes are carried out, and your loved ones are protected.