Wills & Trusts
Pembroke Pines Wills & Trusts Lawyer
If you were to pass away unexpectedly, would your assets go directly to your loved ones? Would there be any confusion over who gets what? What are the tax implications of how your assets are passed on? Attorney Mary Jo Rivero is a Pembroke Pines wills and trusts lawyer with over 30+ years of experience helping clients get peace of mind by knowing the answers to these and other questions pertaining to their legacy.
Wills and trusts are two different legal documents that work in tandem. A last will and testament is where estate planning should begin.
Mary Jo Rivero, P.A. serves both English and Spanish-speaking clients who come from as far as Miami, Hollywood, Weston, Miramar, Fort Lauderdale, and Plantation. Call us at (954) 945-7727 or reach out online to set up a free consultation.
Benefits of Having a Will in Florida
When a person dies without a will, their assets go into what is called intestacy. This is a process the state of Florida uses to decide who inherits what the person is leaving behind.
The law is set up for the state to make every effort to find the closest living relative(s) to inherit. But intestacy is an inherently rigid process. It doesn’t factor in close friends, associates, or organizations that a person might wish to leave something for. It doesn’t factor in the unfortunate reality that sometimes there are family members people have falling outs with. And, regardless of who inherits the assets, there is delay in distribution while the legal mechanisms of intestacy take place.
Parents whose children are still under the age of 18 have a big reason to want a will in place–they need to identify who will care for the kids if something happens. Parents who die without a will leave that decision in the hands of the court.
Finally, a will can help avoid confusion. Legal disputes over inheritances cause division among those the deceased person loved the most. That’s not what anyone wants their legacy to be. An experienced Pembroke Pines wills and trusts lawyer can write a document that minimizes the possibility of legal confusion.
Benefits of Having a Trust in Florida
Setting up a trust is the way to allow heirs to avoid probate court altogether. The client can instruct their lawyer to write the will in such a way that assets pass immediately into the trust upon death. At this point, the trustee–someone designated by the client to oversee all assets in the trust–can handle distribution of everyone’s inheritance.
Trusts can also be a way for someone to exercise control over how their estate is managed after death. Perhaps there is an heir that the deceased loves and wants to take care of, but is also worried about their capacity to handle a large sum of money. The terms of the trust might allow for incremental distribution of an inheritance. A person may also tie inheritance from a trust to achieving important life goals, like graduation from high school or college. Milestones like getting married might be set as points for at least some part of an inheritance to kick in.
Clients who have adult children with special needs might want a trust to set up to provide their child with an income while not jeopardizing their eligibility for government benefits. Furthermore, assets in a trust are protected from creditors, ex-spouses, and plaintiffs in a lawsuit.
There are a lot of good reasons to set up a trust in different ways, all of which are ultimately aimed at giving the client peace of mind. And depending on the way the trust is set up and how it is funded, there may be tax advantages a client can gain.
Wills and trusts involve a variety of factors. Mary Jo Rivero, P.A. has the experience necessary to understand what questions to ask and how to set up a plan that will give a client peace of mind and protect their heirs.