Wills and Trusts in Melbourne, FL
Drafting Both Wills and Trusts for Over 60 Years
The Law Office of J. Scott Lanford has over 60 years of experience providing estate planning services to our clients. All Melbourne, FL residents must consider a will or trust. These documents distribute your property in the event of your passing and help ensure a smooth transfer between you and your beneficiaries. However, their benefits run deeper than simple asset transfer. The law can get complicated when it comes to discerning whether surviving family members are entitled to property and assets. Both wills and trusts help clear up the confusion and make life easier for everyone involved. We’ll go into how trusts and wills are different and the benefits each presents below.
The Differences Between a Trust and a Will
Many of our clients believe wills and trusts are interchangeable, but they are not. They’re quite different. You need to understand the differences and be prepared. The complex nature of estate planning law is why the Law Office of J. Scott Lanford is so committed to providing our clients with transparent legal advice. There are several crucial differences which will help determine which options you decide to go with, including:
- All types of trusts are enforceable once you sign the documents, while wills take effect once you pass away.
- Wills only impact property in your name, while a trust includes all assets and property the trust is funded with – including life insurance policies
- Wills require probates, while trusts do not
- Wills relate only to death, while trusts provide for beneficiaries during both life and death.
What Is a Living Will and Why Should I Get One?
Some of our clients opt for a will due to many circumstances – from financial to tax-related. It is essential to understand how a will impacts your beneficiaries and what to look out for when drafting one. Fortunately, the Law Office of J. Scott Lanford has extensive experience advising clients with estates of varying sizes and drawing wills based on their specifications. Wills offer plenty of upsides, including:
- They allow you to determine who receives each asset in your estate
- Wills provide a way to take care of minor children upon your passing
- They make the probate process cleaner and easier
- Having a will minimizes estate taxes
- You can disinherit individuals if you choose to do so
What Is a Trust? And What Are the Benefits?
There are many benefits to choosing a trust over a will, but whether it’s the right fit for you depends on your situation. They are more expensive and require management throughout your lifetime. However, if you have the income level and time, then the benefits of a trust far outweigh the drawbacks and make choosing one over a will a great choice. There are many kinds of trusts, including revocable, irrevocable, asset protection, and special needs trusts, among others. The Law Office of J. Scott Lanford won’t force you to make these decisions on your own. Communication is one of our strengths, and we know how to distill legal concepts in a way out clients understand. That way, you can be sure you’re receiving sound legal advice, and you’re fully understanding the guidance we give you. We can go over the details during your consultation and future meetings, but there are some significant benefits to choosing a trust:
- Using a trust eliminates the possibility of probate on any of your assets or property
- They enable you to manage your trust while planning for your passing or incapacity
- Like wills, trusts efficiently distribute property and assets once you’re gone
- They work for estates of all sizes
- They are private, meaning the details of your estate remain out of the public eye
Contact Us Today to Set Up a Living Will Or Trust
Whichever option you choose, the Law Office of J. Scott Lanford is equipped to handle all the details. Whether you want the control a trust provides or the simplicity of a will, our team is here to make sure the document reflects what you want. We accomplish this task by listening carefully and communicating all the legal aspects transparently. Our goal is to make the process easy for you while drafting ironclad legal documents that represent you even after you pass away. We apply this philosophy to all of our legal areas, including living wills, trust administration, and general estate planning. Contact the Law Office of J. Scott Lanford today for more information.
Contact us at (321) 728-9898 in Melbourne for a free consultation.
Why Choose Us?
- Free Consultations
- Available Nights & Weekends
- American Bar Association Member
- Admitted to Practice in Federal Court
- Over 60 Years of Combined Experience