Finding The Right Will Or Trust For Your Circumstances
Many people want to support their families while they are living, and also after they are gone. Working hard, saving your money and investing in assets is not enough. Estate planning is the only way to ensure you leave an inheritance for your loved ones.
Since 1984,Goldman, Monaghan, Thakkar & Bettin, P.A., has helped generations of families in Brevard County protect their assets, streamline the probate process and plan for the future through the development of wills and trusts.
Wills And Trusts
Two of the most basic – and effective – estate planning tools are wills and trusts. These tools help map out your finances and assets, and ensure your family is cared for after you are gone.
A will is a legal document that distributes your property upon your death. If you do not have a will, Florida law will determine who gets what. The only way to ensure family heirlooms are passed to the correct person is to provide a clear and concise property distribution plan in your will.
Many people attempt do-it-yourself wills or use online programs to create wills. This is a mistake. Wills are complex legal documents. If all of the requirements are not met, your will can be open to challenge or may not be followed at all. Don’t put your family’s future in the hands of a one-size-fits-all or homemade will.
Trusts are entities that hold and protect assets. A third party – a trustee – will manage and administer the trust for the beneficiaries. There are many types of trusts, each of which serves a different purpose.
For example, an irrevocable trust provides the highest level of asset protection, but does not allow you very much access or control over the assets. Irrevocable trusts also help reduce taxes and often hold life insurance policies.
Revocable trusts, or living trusts, offer less asset protection but allow you to access the trust properties throughout your lifetime. Special needs trusts are used to provide for disabled family members, without jeopardizing their eligibility for social services such as Medicaid and Social Security.
At Goldman, Monaghan, Thakkar & Bettin, P.A., our lawyers will review your assets and your goals to determine whether a trust is right for you. If you would benefit from a trust, they will work with you to develop the right type and transfer assets to the trust.
Schedule A Free Consultation
At Goldman, Monaghan, Thakkar & Bettin, P.A., we don’t simply draft wills and trusts, we provide peace of mind. Call 321-353-7625 or contact us online to speak with one of our attorneys about your estate planning needs. Consultations are free. We have offices conveniently located in Melbourne and Cocoa.