Wills and trust lawyers will assist in estate planning and ensuring assets are distributed when the grantor is living and after they die.
Wills and trusts are both used in estate planning to help distribute assets and execute final and current wishes. A grantor can utilize a trust while they’re still living to pass assets to a trustee, who holds the assets for a third party. To pass assets after the grantor dies, we utilize wills.
Both ensure a beneficiary receives assets.
At Growney, McKeown & Barber, P.A, we specialize in estate planning and ensuring that your family receives what you wish them to now and after you’re gone. Whether you live in St. Petersburg, Tyrone, Bay Pines, or surrounding areas, our team of wills and trust lawyers in St. Petersburg on 66th Street North can help.
Wills and trusts are different in how they work and what they do. Below, we will explore the scope and function of each:
It is imperative to update your estate plan every three to five years.
What Are Wills, and How Can a Wills Lawyer Help?
Wills are legal documents intended to communicate a person’s wishes for the distribution of their property and assets after they die. A will covers both tangible assets like your car, home, and material possessions in St. Petersburg, as well as intangible ones like your bank account, stocks, and insurance policies. It names your beneficiaries, those whom you want to benefit from your assets after you die, and allows you to choose an executor, the person whom you would like to be responsible for distributing your assets.
Wills also allow you to name the person whom you would like to care for your minor children. Choosing a guardian for your children in the event of your passing is imperative. Failing to appoint a guardian could result in the state choosing a family member, when you may have preferred someone else. We recommend thinking long and hard about who you wish to care for your children in the event of your death and discussing it with the person you choose.
Once you die, your will goes through probate. Probate is the process of legally transferring the titles and deeds of your assets into the names of your beneficiaries in court. The probate process can take upwards of six months to a year, and considerably longer without a will. A wills lawyer in Tyrone can help expedite this phase by ensuring that your will is valid and that your wishes are clear.
If you die intestate, or without a will in place, the court appoints an executor to your will that distributes your assets according to Florida laws. The law of the state may not reflect your wishes, which is why estate planning in St. Petersburg, Tyrone, and Bay Pines areas with an experienced wills lawyer is paramount.
What Are Trusts, and How Can a Trust Lawyer Help?
Trusts are a legal relationship between three or more parties. The parties include the grantor (also known as the settlor or donor), the trustee, and the beneficiary or beneficiaries if you have more than one. A trust is essentially a legal document that your trust lawyer draws up. It stipulates the trustee holds and manages the property, assets, or funds on behalf of the grantor and beneficiaries. While the property’s physical location remains unchanged, official ownership lies with the trust. For example, you could consult a trust lawyer to set up a trust that pays your children a monthly stipend as long as they are in school.
The benefit of using a trust lawyer in Tyrone, St. Petersburg, or Bay Pines area is to grant others access to assets while you are living. When you have a trust, and you have passed, the trustee continues managing your assets, without having to go through probate. This ensures your children will not miss any of the payments they are relying on to get through school, for example, while waiting for the probate process to carry out.
A trust lawyer can assist with your estate planning needs in St. Petersburg, including the areas of Tyrone and Bay Pines.
Many people also choose to set-up trusts so that their beneficiary receives an asset after they’ve reached a life milestone. How you choose to set-up your trust is up to you. If it’s important to you that your beneficiary graduate from college before receiving assets, we can enforce this in your trust.
Why Should I Hire Wills and Trust Lawyers?
Wills and trusts are highly complicated legal documents that can work together or independently. They provide for you and your loved one while you are alive, and once you’ve passed. A will and trust lawyer can show you how the two legal documents can work together. These two documents will help to ensure your estate in the areas of Tyrone, Bay Pines, and St. Petersburg are managed according to your wishes.
A wills lawyer can save you money by making sure that your future plans comply with Florida tax laws. A trust lawyer can make sure that when you are gone, your family receives what you wish them to and when.
Consult the Law Firm of Growney, McKeown & Barber, P.A. for Your Wills and Trusts
Our wills lawyers have spent the last thirty-five years dedicated to estate planning for families in St. Petersburg, including the areas of Tyrone and Bay Pines. Out trust lawyers are dedicated to managing your assets in the most beneficial way possible for your family. We understand how important your loved ones are to you!
Growney, McKeown & Barber is a family-owned and operated firm that believes in developing a relationship with our clients. We know that each individual is unique with different needs and priorities, and we tailor our services to your circumstances. Contact our office on 66th Street North in St. Petersburg to secure your future. Or fill out our contact form and we will get back to you promptly.