Lake Wales Wills & Trusts Lawyers

Trusts and Estates Attorneys Serving Central Florida

Wills and trusts are two of the most important legal documents you can draft for your estate. Without a valid will, a person who passes away is considered to have died “intestate.” This means that the deceased person’s assets will be distributed by the state through probate, a court supervised process. The decedent’s wishes regarding their property will not be known to the court.

Probate is a time consuming and expensive process. The probate process can be further complicated if you do not leave instructions for the management and distribution of your estate. To avoid this, you can ensure your property is handled per your instructions through proper execution of a will or trust.

Meet Our Dedicated Lake Wales Wills and Trusts Legal Team

At Weaver Loveless Law, we have been developing estate plans for our clients for more than 50 years. Our estate law firm has built a solid reputation in the community for its stability, honesty, and care in all estate planning matters.

Ensure your estate planning documents are valid under Florida law. Contact our Lake Wales wills and trust attorneys online or by calling (863) 657-0770 today.

 Advantages of Having a Will 

Your last will and testament is the backbone of your estate plan. A legal, valid will makes your wishes for your estate clear. With a will in place, some of your assets may avoid probate altogether.

A will:

• Allows your property to be transferred to beneficiaries
• Allows you to choose your beneficiaries
• Allows you to provide the details of what assets each beneficiary is to receive
• Allows you to select a guardian for minor children or other dependents
• Allows you to name the executor(s) of your estate who will then administer its instructions
• Reduces the costs associated with probate
• Streamlines the distribution of your assets

Without a will, your loved ones and the state will lack guidance for distributing your assets or real estate property. Your estate will be determined as intestate and subject to distribution laws according to the state of Florida.

Distribution of your assets without a will is determined by what type of living relatives you have when you die, with some examples below:

• If you have a children but no spouse, your children inherit the estate
• If you have a spouse but no children, your spouse will inherit the estate
• If you have a spouse and children with that spouse, and your spouse has no other children, your spouse inherits the estate
• If you have a spouse, children with that spouse, and your spouse has children from another relationship, your spouse and children each inherit half of the estate
• If you have a spouse and children that are not from that spouse, inheritance is also split evenly between your spouse and children
• If you have no spouse or children, but living parents, your parents inherit your estate
• If you have no spouse, children, or parents, any existing siblings inherit your estate

If you want your assets to go to specific beneficiaries that conflict with any of these intestate succession rules, a will is the best tool for ensuring your wishes are known.

Strategic Trust Formation to Protect Your Assets in Central Florida

Trusts can either be revocable (changeable) or irrevocable (unchangeable). Revocable living trusts are the most common in estate planning, involving transferring assets into the trust as a separate entity.

You can then act as the trustee and can make any changes necessary while alive. Once you pass away, the trust is then administered by your executors.

Irrevocable trusts, on the other hand, cannot be changed once they are created. However, they offer stronger protections against taxes and creditors. This is because they remove your assets from your taxable estate.

Some common types of trusts include:

• Charitable trusts
• Asset protection trusts
• Special needs trusts

Protect Your Assets with a Comprehensive Estate Plan

Creating a will and establishing trusts are essential steps in protecting your assets and ensuring your wishes are carried out after your passing. Our Lake Wales wills and trusts lawyers at Weaver Loveless Law specialize in helping clients in Central Florida develop comprehensive estate plans tailored to their unique needs and circumstances.

Benefits of creating a will and trust include:

• Ensuring your assets are distributed according to your wishes
• Minimizing estate taxes and probate costs
• Providing for your loved ones and beneficiaries
• Protecting your assets from creditors and legal challenges
• Peace of mind knowing your affairs are in order

Let Weaver Loveless Law guide you through the estate planning process and help you secure your legacy. today to get started on protecting your assets and loved ones.

Why Choose Weaver Loveless Law for Your Estate Planning Needs

To understand which type serves your needs best and to set up a trust, you can turn to Weaver Loveless Law. Our experienced attorneys in Lake Wales can evaluate your situation and help take advantage of important estate planning tools. Don't wait, if you need help protecting your assets for the future, contact our will and trust lawyer.

Our experienced wills & trusts lawyers are here to help. For a free consultation, contact our Lake Wales law firm at (863) 657-0770.