There are many people in Tallahassee who have probably heard from some expert, whether legitimately qualified or not, recommend that everyone should consider creating a revocable trust or other type of trust as their primary estate planning document.
Indeed, creating a trust as opposed to a simple will or some other estate planning technique offers many advantages. They can be used to manage assets and pass them along without the need to go through even a routine probate proceeding or, at the very most, a very streamlined process. Moreover, for some estates, trusts provide valuable tax benefits.
On the other hand, trusts have some drawbacks as well. For one, they cost more money, time, and effort, up front. While this is a worthwhile investment in some cases, in others, such as when a person has a modest amount of property, the money might not be worth it. Moreover, not setting up a trust correctly can lead to both immediate legal trouble and difficulties for one’s heirs. For instance, sometimes a person will need a simple “pour over” will just to make sure that all of a person’s property ultimately winds up in the trust.
The reality is that everyone’s situation is unique when it comes to deciding what sort of estate planning devices to use. A Floridian should therefore careful consider all of his or her legal options after he or she has a thorough understanding of his or her assets and debts and has a clear understanding of what he or she hopes to accomplish. Usually, this is a process best completed with the help of an experienced estate planning attorney.