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FAQs: Is It Better to Have A Trust Or A Will?

FAQs: Is It Better to Have A Trust Or A Will? | Florida Estate and Elder Law Attorney Barry D. Siegel at The Siegel Law Group, P.A

Estate Planning options and jargon can be confusing. So how do you know the best way to transfer your property to your loved ones after you pass away? Many people will argue that a Will is the best method; while others recommend a Trust. In many cases, someone will have both a Will and a Trust. There are benefits and drawbacks to each. Your decision on whether it's better to have a Trust or a Will should take into consideration your personal concerns and priorities, as well as the nature of your estate and beneficiaries. First, let’s look at how Wills and...

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Protect Your Digital Legacy

Digital legacy planning with Siegel Law Group.

Are you worried about your digital legacy? Don't leave things to chance, let's work together and start planning now. Proper estate planning is important to ensure that last wishes, assets, and accounts are handled properly when you or a loved one passes on. The rise of the internet and social media in the last twenty years has created a new exigence for wills and trusts - handling the digital legacy of the deceased. Without usernames and passwords, it may not be possible to recover some digital assets or access online accounts. A recent, tragic...

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Wills and Trusts: Know the Difference

Wills and trusts in Boca Raton Florida.

The first step to deciding what will happen with your assets at the end of your life is figuring out whether you need a trust or a will. Both trusts and wills are legal documents that name a beneficiary for your property. While they seem to function similarly, each has its own advantages and disadvantages. Therefore, it is important to know the difference, so you can decide which is right for you. Without either of these documents, your assets will be considered intestate, and the courts will decide who should inherit your property. How Does a Will Function? A will, also known...

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What is a Will and When Do You Need One?

When and why you need a written will in Palm Beach County.

Do you have a will written up? Are your affairs in order in case something unfortunate happens? We know these are hard questions to ask yourself, and even more so, hard things to think about. However, they are necessary to ensure your family and your loved ones are always going to be taken care of. Writing a will is an important and necessary part of life, and we want to make sure you understand why that is. What Does a Will Do? A will is a very important legal document that gives instructions on what to do with your possessions after you...

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Revocable vs. Irrevocable Trust: What’s the Difference?

Advantages and disadvantages of revocable vs irrevocable trusts.

Trusts come in two main categories: revocable and irrevocable trusts. Choosing which one is right for you can be one of the most important decisions of your life, but you can’t possibly be expected to make this decision without a proper understanding of what the difference is between the two. That’s why we’ve created this quick guide which compares the difference between the two types of trusts so that you can be confident in your decision as to which one is best for you. What is a Trust? A trust is a financial agreement between three people: the trustor, the trustee,...

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Aretha Franklin Dies Without a Will – So What Happens Now?

The world was shocked when we heard the news that The Queen of Soul, Aretha Franklin, passed away. While this is heartbreaking on its own, many people are unaware that she died without ever having created a will. You may think that having a will is only for the rich, someone with children, or a successful business owner, but wills are for everyone. So, what happens if you die without having a will? It all depends on where you live and what your family looks like. So what happens exactly? The State Controls Your Money When you die without a will, you have...

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How to Choose an Elder Law Attorney

Siegel Law Group will help you choose the best elder law attorney.

Although many resources allow us to find the elder law attorneys we need quickly and efficiently, sometimes finding the right one to fit your needs takes more work. Barry D. Seigel, Esq. offers the following guidelines to help you find an elder law attorney who is knowledgeable, personable, and within budget. Determine What Kind of Lawyer You Need Often, people underestimate the degree to which lawyers can specialize in a specific field or topic. Elder law is a broad term that covers the many legal and financial issues that affect elders and their family members, including the following: wills, trusts, surrogate decision-making...

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What to Consider When Leaving Money to Minors

living trusts

If you are considering setting up a fund for your children - it may seem like a confusing process but you don’t have to do it alone. There are various options when deciding how to leave money to a minor like living trusts. As minors can’t own investments outright, it is important to choose an option that best fits your intentions. At Siegel Law Group, we help you understand your options and choose the best one. Let’s talk about UGMA and UTMA UGMA is a Uniform Gift to Minors while a UTMA is a Uniform Transfers to Minors. The greatest distinction between...

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