Trusts can be Better than a Will
It is always a good idea to consider a trust instead of a will to pass your assets to beneficiaries if you are unsure or know that your heirs would dispute your wishes. The settlement of assets in trust does not require a probate proceeding, which you would need if using a will. Unlike a will, which is contestable by those who feel left out or received less than what they feel they are entitled to, it will be far more difficult to contest a trust. Courts are more likely to leave the trust as is, uncontested because the parents knew what they were doing by setting up a trust.
At times, parents try to make an estate plan by placing the names of their children on accounts. However, difficulties may arise from this when there are different amounts, children withdraw amounts while you are alive, and there may be a complete lack of control. Controlling the payouts of accounts is also a smart idea. You can transfer assets to your trust and control the amount given to beneficiaries. By creating an estate plan, you can ensure that your assets will go to whom you want, when you want, the way you want.
To learn more about this article, visit Protecting your Future: Squabbling children after the parents die.
For more information on estate planning, please contact our estate planning attorney at Wood, Atter & Wolf, P.A. in Jacksonville and Ponte Vedra Beach, Florida.
