Wills Or Trusts: Which Is The Right Fit For You?

Questions To Answer “Wills Or Trusts?”

To make the right choice, there are some very important questions and discussions that need to happen to make the right decision.

Questions We Ask To Determine If You Should Do A Will Or Trust:

• Is this a second marriage?
• Do you have kids by a first marriage
• Do you have property in another state?
• Do you assets exceed 3.5 million?
• Do you have a special needs child?
• Do you have a child in financial difficulty or a shaky marriage?

These answers will help us determine if a trust is the best fit for you. If the estate is complicated, a trust is recommended. Although it’s more expensive due to the time required by the attorney and the ongoing management of the trust, it may be your best choice to put forth instructions on how you want your assets distributed after you die.

If your goal is to avoid probate, a trust may work for you. We can, however, title your assets appropriately in a will and avoid probate as well.

A will-based plan involves one document that is reviewed by a judge who decides the creditors that need to be paid and how the money left over will be distributed to beneficiaries.

The Most Important Take-Away About Wills or Trusts:

The most important take-away from this discussion is this: There’s not a one size fits all model. A conversation is required to determine what you want to happen to your estate if you become incapacitated or die. Does it fit a trust or will based model?

The information required to make the best decision for you requires a deeper discussion, sometimes involving sensitive subjects and this is best in person. Setting an appointment, with no distractions or influences, is the best platform for gathering the information needed to make a recommendation.

Your Next Step:

We have helped thousands of clients decide which model they want based on goal-based planning. We guide each client through the discovery phase asking the questions to determine fit. From there, we outline each model thoroughly so an informed decision can be made. We take the guesswork out of the process and manage everything so you can feel good about your choice.

Connect with The Miller Elder Law Firm: 352.379.1900

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About Shannon Miller, Elder Law Attorney