Understanding Last Will & Probate Process
The most common document used for the distribution of assets is a last will and testament. A will provides you the opportunity to appoint a personal representative, the person who will assist in carrying out the distribution of your estate. Wills can also designate a person to care for your minor children in the event of your passing.
Florida Law requires a last will and testament to go through the probate process. Depending on the size of an estate and the assets involved, the probate process can be lengthy. Therefore, if avoiding the probate process is an important consideration for you, you may want to add estate planning documents to your estate plan.
Planning for your future and determining how your assets will be divided when you die can be an overwhelming experience. At McNulty Parker Law, PLLC, Anita is here to help guide you through the process of creating an estate plan that is designed for you and your estate planning goals. A St. Petersburg wills and trusts lawyer can listen carefully to your goals, guide you through the process and ensure no detail goes overlooked. When you choose Anita to handle your needs, you can rest assured your loved ones and hard-earned assets will be legally protected and well-taken care of.
To discuss your situation with a compassionate St. Petersburg wills and trusts lawyer, contact (727) 826-7135 today!
What Is a Pour-Over Will?
A common structure that enables you to meet your estate planning goals and avoid the complications associated with the probate process is the use of a pour-over will with a revocable living trust. This type of will and testament is called a “pour-over will” because the will language states that all assets not titled in the name of the trust should be transferred to the trust, thus, those assets “pour over” from your estate into the trust upon your passing.
Oftentimes, a person may acquire additional assets and inadvertently neglect to add them to the trust. Thus, there may be no designation as to how these assets are to be distributed. In essence, a pour-over will is a safety net that directs any assets that may have been absent from your trust inadvertently to be distributed to your trust. As a result, those assets will then be distributed to your beneficiaries according to the terms set forth in your trust.
Florida Trust & Revocable Trust Laws
To avoid the time and costs associated with the probate process, many people consider adding a revocable living trust to their estate plan. When establishing a living trust, no assets are held in your individual name. Rather, the legal title of your assets is held by the trust. Thus, your estate will not be subject to the probate process.
A revocable trust can be amended during your lifetime. Upon your passing or in the event you are incapacitated, the trust becomes irrevocable. When the trust becomes irrevocable, the person who is named as a trustee in the body of the trust document will begin managing the trust.
Call McNulty Parker Law, PLLC Today
When determining how you wish your assets to be distributed upon your death, it is important to discuss your individual needs with a qualified St. Petersburg wills and trusts attorney. Anita can provide the utmost attention and dedication to your estate planning goals, giving you peace of mind knowing that your legacy is in good hands.
Contact McNulty Parker Law, PLLC at (727) 826-7135 to schedule a free consultation with a St. Petersburg wills and trusts lawyer!
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.