Daytona Beach Trusts Lawyer

Daytona Beach Trusts Attorney

Establishing a trust is a great way to protect your assets and distribute your estate the way you wish after your death. If you are in the Daytona Beach area and you need help establishing a trust or executing the terms of an existing one, you could benefit from the advice of a Daytona Beach trusts lawyer.

About The Preston Law Firm

At The Preston Law Firm, we have been helping our clients with estate planning and related matters for more than four decades. Our approach emphasizes integrity, compassion, and a bespoke client experience that prioritizes care. Our office on South Orange Street in New Smyrna Beach is conveniently located for our Daytona Beach clients. Estate planning can be daunting, but with us, clients feel supported every step of the way.

If you are looking for an experienced Daytona Beach estate planning lawyer, our team is here to guide you through every stage of the process with clarity and confidence.

What Is a Trust?

In short, a trust is a legal tool that places assets in the care of a third party for administration. The person establishing the trust, the original owner of the assets, is called the grantor. A person receiving assets is called a beneficiary. The party in charge of managing the trust is called the trustee.

There are many kinds of trusts, but the general framework for each of them requires the grantor to place assets in the trust to be eventually given to a beneficiary.

Recent data suggests that only about 13% of Americans have an established trust. This low figure may be a result of the perception that trusts are only for the wealthy. While it is a good idea for people with significant assets to create a trust, high net worth is certainly not a requirement. No matter the value of your estate, a trust can help you pass assets down with fewer taxes and more certainty.

General Categories of Trusts

Each trust falls into one or more of the following classifications:

• Testamentary or living: A testamentary trust is formed upon the death of the grantor according to the terms of their will. A living trust is formed while the grantor is still alive.
• Revocable or irrevocable: A revocable trust can be modified once it is established. Assets and beneficiaries can be added or removed, and terms can be changed. An irrevocable trust cannot be modified. Once an irrevocable trust is established, the grantor loses all control over the included assets.
• Funded or unfunded: A trust is considered funded when the concerned assets are placed in the control of the trust during the grantor’s lifetime. An unfunded trust is a trust agreement only, and it usually goes into effect after the grantor’s death.

Why Do People Use Trusts?

People establish trusts for a variety of reasons, but the most common context is estate planning. The greatest benefit of a trust is the ability to bypass probate at the Volusia County Courthouse, along with some taxes, when passing assets from grantors to beneficiaries.

Probate is the legal process of distributing an estate, with or without a will, after the owner’s death. In Florida, the probate process is governed by Title XLII, Chapter 733 of the Florida Statutes.

Generally, during probate, the estate owner’s assets are gathered, outstanding debts are paid using those assets, and then the remainder is distributed according to the will. If there is no will, assets are distributed according to the order of inheritance, starting with a spouse. Some people aren’t sure whether a trust is the right choice for their family, or if a will might actually make more sense. With a trust, you can keep assets out of the probate process.

With a trust, you can keep assets out of the probate process. That means that the assets in your trust cannot be liquidated to pay any outstanding debts and will instead simply pass to the intended beneficiary. Additionally, some trust constructions can bypass or eliminate some inheritance taxes.

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Why You Should Hire a Trusts Lawyer in Daytona Beach

Whether you need to draw up a new trust or execute one that already exists, it is always advisable to hire a trusts lawyer to help you. Estate planning, trusts included, can be complicated, so it is important to seek advice from someone who is very familiar with local trust laws. A trust is a powerful tool to preserve your legacy, but it only works if the agreement is constructed and executed correctly.

FAQs

How Much Does a Trust Lawyer Cost in Daytona Beach?

The total cost for a trust lawyer in Daytona Beach, Florida varies greatly depending on the lawyer’s fees and the particulars of your case. If you need to draw up a complex trust with a lot of assets and potential moving parts, you will incur more fees than if your needs are simpler. Regardless of your specific situation, the cost of a trust attorney is well worth the peace of mind that comes with sound legal advice.

Can I Include a House in a Trust in Florida?

Yes, you can include a house in a trust in Florida. One effective strategy is to put the house in a revocable living trust so you can modify it later if necessary. The trust becomes the legal owner of the house instead of you, and the house is usually protected from probate if you pass away. If you do this, it is important to also add the trust as an insured party on your homeowner’s insurance.

How Can a Lawyer Help With Trust Administration in Florida?

A lawyer can help with trust administration by providing legal review and insight during the process of actually executing the terms of a trust. It is easy to make mistakes while executing a trust, so seeking counsel from an experienced attorney can help you avoid some common pitfalls, such as failure to sign or notarize certain documents.

Should I Still Draft a Will if I Have a Trust?

Yes, it is still a good idea to draft a will even if you have a trust. While a trust is an arrangement that can keep your assets safe and designate certain beneficiaries for them, a will can still play an important role, especially for assets not covered by the trust.

Contact The Preston Law Firm

If you need help with a trust, we at The Preston Law Firm are here to serve you. Whether you need to draw up a new trust agreement or you need to execute an existing one after the passing of a loved one, we can help you navigate this new territory with confidence and compassion. Contact us today to discuss your needs.