Choosing Beneficiaries For A Clearwater Will And When A Trust Is A Better Option

A legally sound estate plan helps protect older adults in Clearwater. Creating a Will is the first step and conveys your wishes regarding how property and assets get distributed among heirs. However, family dynamics and financial considerations often complicate matters.

Our Clearwater elder law attorney has been helping clients in our community for over 40 years. He explains common options regarding who to include in your Will, ways to ensure your final wishes are followed, and when a trust is a better option.

Who Should You Include In Your Clearwater Will?

Your Will provides for the disposition of all property and assets owned by you that don’t have another surviving joint owner or designated beneficiary.  For example, if you have a life insurance policy that designates a beneficiary, then this will be distributed to the designated beneficiary and is not dealt with in the Will.  Or, if you have an asset, such as a parcel of real property, and the title is held by you and another person, as joint tenants with right of survivorship, then upon your death this property would automatically be owned by the joint owner and is not dealt with by the Will.  But for those assets that don’t have any joint owner or beneficiary, the Will determines who will inherit this property.  Despite being one of the most essential estate planning documents, the American Association Of Retired People (AARP) reports that over 60 percent of older adults do not have a valid Will.

A Clearwater Will serves as a guide through Pinellas County Probate Court proceedings.  It may detail specific assets or it may refer to “any and all assets.”  This type of provision generally appears in all Wills and it encompasses not only assets you own when you sign the Will, but even assets acquired in the future.  The Will details your final directions regarding who the assets are to be distributed to.  The Will may include:

• Your spouse: Under the Florida Statutes, your spouse is entitled to a minimum 30 percent of your estate unless otherwise indicated in your Will.
• Children and grandchildren: You can specify how much each child receives or set up specific provisions for grandchildren, such as education funds.
• Other family members: If you have siblings, nieces, nephews, or other relatives you wish to provide for, a Will would specify their designated shares.
• Close friends or caregivers: A Will allows you to leave assets to anyone, including non-family members who would not otherwise be entitled to inherit from your estate.
• Charities or religious organizations: Many older adults choose to leave a legacy and donate to causes they care about.

Should You Consider Creating a Trust in Clearwater Instead of a Will?

A Will is a vital estate planning document.  But in some situations, a trust can help to complement it and may provide numerous benefits for older adults in Clearwater. It avoids probate and allows for more complex distribution arrangements.  Certain types of trusts can be useful in qualifying for Medicaid assistance to help pay the cost of long term care.  In some scenarios certain trusts can be used to shelter assets from creditors, and to achieve eligibility for Medicaid assistance. In addition to a Will, you may want to consider a trust in the following situations:

• You want to avoid probate and ensure your heirs receive assets faster;
• You have out-of-state property, which could otherwise require separate probate proceedings;
• You have minor or special needs beneficiaries who may require ongoing financial management;
• You want to keep your estate private (a will becomes part of the public record);
• You have a blended family or concerns about potential will contests or disputes.
• You have a complex distribution arrangement, such as a distribution to take place over a long period of time, or all at a date in the future.

Schedule A Consultation Today With Our Clearwater Elder Law Attorney

Whether you need to create or update your Will or want to explore trust options, William Rambaum provides trusted legal guidance to ensure your estate plan reflects your specific wishes and works to protect both you and your loved ones.

Board-certified by the Florida Bar and the National Elder Law Foundation, Mr. Rambaum helps older adults in Pinellas County create customized estate plans that provide legal protection and peace of mind. To schedule a consultation with our experienced Clearwater elder law attorney, contact our office today.

Sources:

aarp.org/money/retirement/half-of-adults-do-not-have-wills/

mypinellasclerk.gov/Home/Probate-Mental-Health

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/Sections/0732.201.html