Humans tend to collect many things during their lifetime. Some of these things are quite valuable, and you will want to leave them to your heirs in the event of your death. Florida law makes this easy by allowing you to create documents and special accounts that pass the things you own to another person upon your death. There are many ways to do this, including through a will or a trust.
Forbes explains that most people will at least have a will in their estate plan, but a trust may prove more helpful for many people. Trusts have some advantages over the humble will. Here is a look at three of them.
1. You can safeguard assets
If you want to protect assets and ensure they stay within your family, a trust can do that. When you leave an asset to someone in your will, he or she takes over ownership, but with a trust, you can have control over the ownership so that nobody else can take whatever is in the trust. Thus, you can keep assets in the family and not have to worry about divorce situations or other circumstances that may lead to the sale or award of an asset outside the family.
2. You can avoid probate
With all your assets in a trust or trusts, you can essentially bypass probate because there is nothing for the court to do. The trusts will handle all the details of asset management and distribution through the trustee.
3. You can dictate details
A will limits your control after you die, but with a trust, you can put conditions on it to carry out your wishes. For example, you may want to leave money to your child, but you feel he or she will not be mature enough to have that money until he or she reaches the age of 30. You can specify this as a condition of the trust. Your child will then not get the money until his or her 30th birthday.
A trust is not a magical solution to every estate issue. Often, using a trust instead of a will is better for your estate overall, but sometimes, you may need both or just a will. It does depend on your specific situation.