Lake Wales Wills & Trusts Lawyers
Honest and Caring Estate Attorneys Serving Central Florida
Wills and trusts are two of the most important legal documents you can draft for your estate. Without a valid will, a person who passes away is considered to have died “intestate.” This means that the deceased person’s assets will be distributed by the state through probate, a court supervised process. The decedent’s wishes regarding their property will not be known to the court.
Probate is a time consuming and expensive process. The probate process can be further complicated if you do not leave instructions for the management and distribution of your estate. To avoid this, you can ensure your property is handled per your instructions through proper execution of a will or trust.
At Weaver Loveless Law, we have been developing estate plans for our clients for more than 40 years. Our firm has built a solid reputation in the community for its stability, honesty, and care in all estate planning matters.
Ensure your estate planning documents are valid under Florida law. Contact our Lake Wales wills and trust attorneys at (863) 657-0770 today.
Creating a Will
Your last will and testament is the backbone of your estate plan. Without it, your loved ones and the state will lack guidance for distributing your assets or real estate property. Your estate will be determined as intestate and subject to distribution laws according to the state of Florida.
- Allows your property to be transferred to beneficiaries
- Allows you to choose your beneficiaries
- Allows you to provide the details of what assets each beneficiary is to receive
- Allows you to select a guardian for minor children or other dependents
- Allows you to name the executor(s) of your estate who will then administer its instructions
- Reduces the costs associated with probate
- Streamlines the distribution of your assets
Creating a Trust
Trusts can either be revocable (changeable) or irrevocable (unchangeable). Revocable living trusts are the most common in estate planning, involving transferring assets into the trust as a separate entity. You can then act as the trustee and can make any changes necessary while alive. Once you pass away, the trust is then administered by your executors.
Irrevocable trusts, on the other hand, cannot be changed once they are created. However, they offer stronger protections against taxes and creditors. This is because they remove your assets from your taxable estate.
Some common types of trusts include:
- Charitable trusts
- Asset protection trusts
- Special needs trusts
To understand which type serves your needs best and to set up a trust, you can turn to Weaver Loveless Law. Our experienced attorneys in Lake Wales can evaluate your situation and help take advantage of important estate planning tools.
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