When properly drafted and executed, a will allows a person to control exactly what happens to his or her assets upon death. Specifically, a will allows for determination of how, to whom, and under what circumstances assets will be distributed and who will be responsible for administering the estate. A will has no legal effect during the lifetime of the creator and can be revoked or modified at any time during that person’s lifetime.
A person can include in his or her will provisions for children or anyone for whom full control over an outright inheritance is not desirable, including young adults, adults with special needs, issues or reduced mental capacity, numerous creditors or where other circumstances warrant protection, by bequeathing the assets to a trust which is managed and disbursed by whoever the testator designates, and held in trust until the person is old enough or the special condition is removed, if applicable.
Pet trusts are now avaiable in Florida as an extension of a Basic Will. Please see Pet Trust on Express Documents if you are interested.