Key Points of this Article
- It is more relevant now than ever to have a will or trust in case of unexpected death due to COVID-19.
- A will ensures that your belongings get to your loved ones.
- A trust ensures financial security for your loved ones both while you are alive and after your death.
Wills and Trusts are on the Rise
Right now, there is a lot going on in the world. The COVID-19 pandemic has reached every corner of our country and currently there is no end in sight. During this period, unfortunately many have died from this virus. Did all those people have a will in place? Were they able to create a trust? They may have had an existing one, but if they didn’t, they were unable to get one before it was too late. Those that were fortunate enough to not have been affected by this virus may start to reconsider this idea as the number of wills and trusts is rising.
This worldwide event has made it clear that an unexpected event that can affect your life can take place at any given time. Being prepared is the best thing that you can do. So what are the steps that you can take to get your affairs in order before a sudden and untimely death? The step to begin with is deciding if one or both are right for you.
What is a Will?
Upon your death there needs to be a legal document explaining what happens to your possessions and wealth. A will can ensure that your assets go to whom you would like. If a will is not created, then the distribution of your possessions goes to a third party, usually a judge. Not having a will in place can create more stress and headaches for your loved ones at a time that is already stressful.
What is a Trust?
A trust is a legal arrangement that can be active while you are alive and carries over after you have died. A third party becomes the protector of your designated assets in order to watch over them. A trust allows for certain taxation to be avoided, forgo probate and does not allow creditors to take your assets.
Which one will benefit you the most?
Either of these will benefit you and your loved ones in the long run because it will allow them some financial security in the days that you are no longer around. The easiest way to ensure that this is done correctly is to contact an attorney that handles wills and trusts. Typically this an Estate Planning Attorney. They will be able to guide you through the process so that you have peace of mind that you have secured you and your loved one’s financial futures.
When Results Matter, Call Kemp, Ruge & Green of Tampa Bay
When you have legal questions, connect with a Tampa Bay estate planning lawyer. The attorneys at Kemp, Ruge & Green Law Group handle areas of estate planning law, including those related to wills and trusts. We believe you should only have to focus on living your life, while we worry about using the justice system to protect your estate. We give our clients the best possible results-driven service. No upfront fees.
Call us at 877-941-4878 or submit a contact form for a Free Consultation.