Tag Archives: Will law

Will vs Trust?

Most of us are aware of the terms ‘will’ and ‘trust’ as legal devices used to pass on your assets and property to your heir or beneficiaries. Both will and trust, are estate planning tools meant for distribution of property among beneficiaries. However, the chief difference between the two is that whereas a will comes into effect only when you die, the trust becomes effective as soon as it is created.

What is a will?

Florida Will lawyerA will is a legal document, created and signed by an individual, in the presence of witnesses, which lays guidelines for his property’s distribution after his death. It helps you define the details of your assets and name the beneficiaries whom you wish to benefit from them. The will also offers you the freedom to choose an executor who would manage the allocation of your assets and property after your demise. In the event of the absence of a will, the court has the right to appoint and administrator who would take charge of the distribution of our property. The will also allows you to specify a guardian to raise your children after your death. It is advisable to make a will for your children even if you are still a young parent. It helps appoint a guardian for them in the event of your untimely death, when they are still minors.

If a person dies without creating a will, he is said to have died ‘intestate’. In such cases the court decides upon the beneficiaries for the property and how it will be distributed among them as per the state laws. If an individual, who has already written down a will, is mentally or physically incapable of supervising his financial assets, the court has the right to appoint a guardian who would take charge of managing it for him.

After the death of an individual, his will is administered through a probate proceeding established by the state laws. The probate is a set of laws and proceedings that governs the procedure of execution of the will with the help of a lawyer or an attorney.

What is a trust?

It is a legal device, wherein an individual or a company is named as a trustee that takes care of, and manages the assets for the beneficiary. A trust mainly comprises of three parties namely the grantor, the trustee and the beneficiary. The grantor is the person who creates the trust for his own property and assets. A trustee holds and supervises the property for the grantor for the benefit of the beneficiaries. The beneficiary is the one that gets the benefits of the trust created by the grantor. Some states offer the provision to the grantor of naming himself as the trustee.

Unlike a will, the trust does not require to be administered through the probate process. In addition to this, if the grantor is unable to manage his assets, the trustee has complete right over its supervision without the involvement of court.

There are plenty of Law Firms in Florida that provide sound legal advice on the laws applicable to these will and trusts. If you live in in Volusia County, New Smyrna Beach, Port Orange, Daytona and surrounding areas, and are looking for legal solutions you may check out the website https://www.simmslawfirm.com/.

To contact Florida attorney Debra G. Simms, P.A. in Port Orange or New Smyrna Beach, FL please call 877.447.4667.

In my estate planning practice, there is one very popular rant. It goes something like this:
Caller: “Do you do wills?”
Me: “Yes, would you like to make an appointment to discuss the will?”
Caller: “How much for a simple will? I just want a simple will.”
Me: “It depends on your situation. Are you married? Do you have children? What kind of assets do you have? This is why I like to have an initial consultation.”
Caller: No, I just want a simple will. What is your price for a simple will?”
Me: “Well, it’s going to depend on a couple of factors. Do you want to set up a consultation?”
Caller: ‘I just want a simple will. I have been married for 30 years and I have one son. I just want a simple will.”
Me: “Ok, then does your son have any children?”
Caller: “Yes, and he has a terrible wife. I don’t want her to have any rights to my money. And ther kids aren’t responsile. They shouldn’t get the money until they are 25!”
So it’s not so simple. A friend of mine calls this the LegalZoom mindset. Law as a commodity.

I don’t do volume estate planning work. I am not LegalZoom. I do quality estate planning for a very reasonable fee. It’s good for you and it’s good for me.

Call me for an estate planning consultation. Don’t wait until it’s too late.
To contact attorney Debra G. Simms, P.A. in Port Orange or New Smyrna Beach, FL please call 877.447.4667.

Contact Us

Port Orange Office:
Prestige Executive Center
823 Dunlawton Ave. Unit C
Port Orange, FL 32129
Local: 386.256.4882
Toll Free: 877.447.4667
New Smyrna Beach Office:
629 N. Dixie HWY
New Smyrna Beach, FL 32168
Local: 386.256.4882
Toll Free: 877.447.4667