Wills and trusts offer several benefits for married couples. These legal tools help ensure that your combined wishes are followed if either of you were to pass away, and they will help ensure your assets are managed and distributed according to your wishes.
Setting up a will or trust can vary in complexity and by State depending on your individual circumstances, assets, and your specific goals and needs. It is best to consult an estate planning attorney who can assist you with making these important decisions.
Here are Some of the Key Benefits of Wills & Trusts for Married Couples:
Protect Your Assets: Trusts may allow married couples to protect their assets from creditors, lawsuits, and potential claims. This protection can be important in case of financial difficulties or business ownership. Most states don’t require a will, but it is best to consult with an estate planning attorney to ensure your assets are protected and distributed the way you choose if either of you were to pass away. The probate process involves court supervision, legal fees, and administrative expenses, which can reduce the overall value of the estate.
Avoid Probate: Assets held in a trust can typically pass to beneficiaries without going through the lengthy and costly probate process. This can save time and money for the surviving spouse and beneficiaries. Probate laws can vary from state to state so it is best to consult with an estate planning attorney that is experienced at the probate process in your state. The estate planning attorneys at DiFranza Law are licensed to practice in Florida, Minnesota, and Pennsylvania.
Control Distributions & Timing: Trusts can provide a more streamlined and efficient way to distribute assets to your beneficiaries. Trusts can allow for quicker access to funds. This is especially important if your spouse or dependents require medical care, special needs or are in need of financial support. When you set up a trust, you can specify how and when your assets are distributed to your beneficiaries, allowing you to maintain control even after you pass. If you are managing any inheritances for your minor children or adult dependents, this can be very helpful.
Provide for Your Minors and Dependents: Through wills and trusts, you can also name guardians for your minor children or a guardian to manage and establish financial provisions to ensure your children’s well-being and education in you both were to pass away.
Privacy: Probate is a public process that can expose your family’s financial details to the public. Trusts, however, are generally private and do not become part of the public record, which can provide more privacy for your family if one of you should pass.
Avoid Family Disagreements: When you clearly define who gets what and when in advance, it allows for you to have peace of mind, knowing your wishes have been heard and will be honored. Depending on your needs and goals, with wills and/or trusts, we can help you reduce the potential for disputes and conflicts among family members and beneficiaries by outlining your combined intentions and desires.
Charitable Giving: For married couples interested in philanthropy, trusts can be a valuable tool. Trusts can be used for setting up charitable foundations or for providing specific charitable donations on your behalf in your estate plan.
We Can Help You With Wills and Trusts
It’s essential for married couples to work with an experienced estate planning attorney to create wills and trusts tailored to their specific needs and circumstances. These legal instruments can help couples achieve their financial, familial, and philanthropic goals while ensuring the smooth transition of their assets and responsibilities after their passing.
Keeping your peace of mind our top priority, DiFranza Law can help you create wills and trust to ensure that your assets go to the right parties, eliminating confusion and disputes.