Will & Trust
Revocable Trusts and Last Wills & Testaments: What to Know
The law is complex and understanding how it works can be quite difficult. While the challenge of DIY projects is always appealing, there’re some things that should always be left to professionals. Two of these topics that are marred with complexity are the processes involved making a last will and testament and revocable trusts. The Law Office of Kenneth J. Nota can assist you in preparing both.
Last Will and Testament
As you might already know, a will allows you to control what occurs to your assets when you pass on. There are ways in which you can set up a trust to help your heirs minimize, and in some cases, legally avoid hefty taxes. If you have children who are still minors, you can also name a guardian to assume care for their well-being.
If you pass on without leaving a will, the state of Florida will intervene and decide how your remaining assets are distributed. The law is set and follows instructions to the letter, family objections will not be taken into consideration should this occur. Our offices can help you prepare your last will and testament, so you can be sure that your final wishes are honored in the unlikely event of your passing.
A Revocable Trust provides a way for you to maintain control of your estate and assets during your lifetime. A trust also makes it possible for your family and heirs to avoid considerably large probate taxes upon your passing. Assets such as bank accounts and real estate can and should be looked over by a trust. However, there are certain assets that shouldn’t be. Assets must be transferred over to the trust for it to be properly effective. Assets not covered by the trust are subject to probate and distribution.
When setting up any sort of trust, a tax advisor can help you in alleviating the burden of taxes that it might incur after your passing.
Although it’s sometimes difficult to discuss these matters, be it with professionals or family, the Law Office of Kenneth J. Nota are experienced in these matters and can help you make the right choices. If you’re unsure about how to set up a last will and testament, or if you’re curious about protecting your assets and family with a trust, make that call. You’ll be glad you did. You can reach our offices at 941-309-5270 or visit us online to request a consultation.