Should we have a will or a trust?

Get Legal Help Today

 Secured with SHA-256 Encryption

Should we have a will or a trust?

My wife and I have no children and have financial assets in multiple mutual funds. We would like to have the funds sold and the proceeds distributed to family and friends at the time of death. What would be the best estate vehicle to do this?

Asked on July 11, 2019 under Estate Planning, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

A will would be best and easiest: that is the entire purpose of a will--to distreibute assets upon death. 
A trust is best if you want to essentially maintain control over the assets after death. For example, say that you don't quite "trust" your children or whomever you are giving the money to in that you don't think they can handle it all at once: you might set up a trust so they get 5% or 10%, etc,. per year, doling it out in manageable chunks. Or if you want to ensure that future generations get money, you set up a trust that only gives so much to each generation. But this does not sound like what you need or want to do, so go with a will.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption