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How wills and irrevocable trusts differ

| Jun 23, 2021 | Uncategorized | 0 comments

When you craft your Florida estate plan, you may be able to use different estate planning methods to accomplish your objectives. A will is one such tool, and an irrevocable trust is another.

Per Yahoo Finance, both a will and an irrevocable trust give you a means through which to leave a legacy behind for those you love. However, important differences exist between the two estate planning options.

Wills

A will is an important estate planning document that allows you to dictate where you want your assets to go once you die. You may also make other important decisions in a will, such as appointing someone guardian over your child in the event that you should pass while he or she is still a minor.

Irrevocable trusts

An irrevocable trust also gives you a way to set aside assets for specified beneficiaries to inherit once you die. You may also create a trust for loved ones to access in the event that you become incapacitated. Once you place assets in an irrevocable trust, they technically become the legal property of the person you appointed trustee.

While this means you have to relinquish some control over the trust, it also comes with certain benefits. Assets in the irrevocable trust are safe from creditors because they are not technically yours. They also remain untouchable if someone wins a lawsuit against you.

Estate planning is different for everyone, and the types of estate planning options that may benefit you most are going to depend on the specifics of your situation. Creating a will, irrevocable trust or both may help you maintain control over what happens to your assets and help ensure they fall into the right hands.

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