Estate Planning Basics: Do You Need a Trust?
A will becomes public record after death. A trust allows you to retain the privacy of your assets and your beneficiaries.
2. Tax Consequences
With a trust, you may be able to take maximum advantage of certain estate tax exemptions.
A trust allows you to control the manner and timing of distributions of principal and income after your death.
4. Time Delay
Probate and the time it takes for loved ones to receive bequests under a will can be six to twelve months. This can be avoided with a trust.
The probate of a will is expensive and can vary depending on the value and complexity of the estate. This can be avoided with a trust.
6. Real Estate Owned Outside State of Florida
A will must be probated in every state in which you own real property. This can be avoided with a trust.
If you own stock in a small corporation or a member interest in a limited liability company, the smooth operations of the entity may be affected during the probate process.
To learn how The Hogan Law Firm can assist you with creating an estate planning checklist, or to learn more estate planning basics, contact us at one of our Spring Hill or Brooksville offices today.