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Jennifer Wood

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A “Will” is a legal document allocating who will be beneficiaries of your estate, how and when they receive their inheritance. Any person who is 18 years of age or older and who is of sound mind may make a will. If you do not have a will, the state of Florida will determines who, if anyone is entitled to receive your estate after your death. So, it is of the up most importance that you make sure your wishes are protected in the event of your demise as to whom your assets will be allocated to and not leave that decision up to the state.

A “Living Will”, is important because if you become mentally incompetent or unable to communicate, your expressed wishes will be carried out.

Such incidences can be anything from a life destroying accident to a terminally ill disease.

A “Living Will” specifically states your choice and / or directions as to the withholding or withdrawal of life prolonging procedures in the event one should have a terminal condition.

Florida law regarding Living Wills is found in Chapter 765 of the Florida Statutes.

A “Trust” is nothing more than an arrangement whereby one person agrees to hold property for the benefit of another. There are four basic components of a trust; Someone must create the trust. This person is generally called the “Grantor”.

Some other person or entity must agree to hold money and/or property for the benefit of someone else. This person is generally called the “trustee“.

Some money and/or property must actually be held by the trustee for the benefit of someone else. We call this money or other property the “principal” of the trust. Someone else must benefit from the trust. We call this person the “beneficiary” of the trust. There may be more than one beneficiary. In that case, they are collectively called the “beneficiaries“.

But that’s where the simplicity ends. There are over 30 types of trusts and having a knowledgeable attorney is of the upmost importance in understanding which type of Trust is right for you. At Faga Law, we understand all the complexities of “Wills” and “Trusts” and will guide you in which type is right for you.