Simple Wills — A simple will is a legal document that outlines how a person’s assets and property should be distributed after their death. It is typically used for individuals with a relatively straightforward estate.
Complex Wills — A complex will is similar to a simple will, but involves more detailed or unequal instructions for the distribution of assets. It may involve a large number of beneficiaries, some of which may be charitable organizations, or contingencies. Additionally, a complex will may include a “Testamentary Trust” for minor children, or other beneficiaries that require special assistance.
Revocable Living Trust — A revocable living trust is a legal document that allows a grantor, who funds the trust, to transfer assets into a legal entity during their lifetime. The settlor (the person establishing the trust) generally serves as the initial trustee, manages the trust and controls the assets. To establish a revocable living trust in Florida, the settlor creates the trust document and the grantor (usually the same person) transfers assets into the trust. This way, if the settlor becomes incapacitated or passes away, a second (successor) can assume control and manage the assets according to the directives of the settlor. A revocable living trust provides more flexibility and control over the distribution of assets and can help avoid the formal probate process. A Revocable Living Trust is particularly helpful in benefitting minor children, people with out-of-state property or multiple properties situated within the State of Florida. This trust is particularly useful in managing the distribution of assets in situations where a beneficiary may be a “spendthrift” or if the settlor has a distribution schedule or purpose in mind.