A trust is a separate legal entity into which you place assets. Under this legal arrangement, one person or entity holds property for the benefit of another person. The person, or entity, holding the property is known as the trustee. The person for whom the property is held is the beneficiary.
A trust is a highly beneficial estate planning technique. Utilizing trusts can help ease the estate administration burden on your loved ones. With trusts, you avoid probate, which is costly and time-consuming. Instead, property held in trust prior to your passing is transferred to the beneficiaries following an abbreviated period of time called the administration of the trust. This process takes much less time than a full probate might take.
Furthermore, Trusts also offer privacy. Trust documents and the terms of the Trust are confidential. Thus, the details of your personal matters are kept in the strictest confidence.
Like a will, a trust can reduce estate taxes. The beneficiaries will receive more of the money and the government will receive less. You can also use a trust to protect the beneficiary’s assets from creditors and even reduce income taxes.
However, unlike a will, a Trust can also benefit you while you are still living. Since a trust holds your property, it can also help you avoid a guardianship if at some point you become incapacitated and unable to make financial and care decisions for yourself. By naming a successor trustee, you can avert a situation in which the court designates a guardian for you – one you may not have chosen, or might not even know.
Personalization is one of the most important benefits of working with a Board Certified attorney for your estate planning. Board Certification is the highest level of recognition given by the Florida Bar. This designation signifies that an attorney meets standards of competency and knowledge in certain areas of the law.
You may find that you are not limited to a will and that a plan specifically tailored to your individual situation is possible.
Different trusts accomplish different goals. Our Board Certified attorneys will explain each type each type of trust and outline their benefits and potential drawbacks. Board Certification is the highest level of recognition given by the Florida Bar of the competency and experience in the areas approved by the Florida Supreme Court. This designation signifies that an attorney meets standards of competency and knowledge in certain areas of the law including professionalism and ethics in practice. With your overall estate plan in mind, we can help you select the appropriate trust.
While the full list of trusts is quite long, here are some of the most common types:
- Revocable trusts
- Irrevocable trusts
- Living trusts
- Testamentary trust
- Special needs trusts
- Charitable trusts
- Family trusts
With a trust, you can accomplish goals that are not possible to achieve with a will. For instance, you can create a trust for the specific purpose of funding the beneficiary’s college education. You have much more control over the precise disposition of your assets. You can choose, for instance, to distribute the assets only when the beneficiary reaches a certain age.
As the creator of the trust, you have complete control over the terms. We can help you draft provisions that will put your goals into effect. We can also help you transfer your assets into the trust instruments.
Your need for an attorney does not end with the creation of the trust. As with the contents of your will, you are free to change the terms of the revocable trust at any time. We can help you amend the trust to reflect changes in financial or family situations.
Trusts are an empowering estate planning tool. Let our Board Certified attorneys show you the many beneficial options you have.
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