DeLand Trusts Lawyer

DeLand Trusts Attorney

Creating a trust can help you protect your legacy and distribute your assets to loved ones as you see fit after your death. If assets are placed in a trust, they often avoid probate, and people who inherit them may even pay fewer taxes. If you are in the DeLand area and you find yourself drawing up a new trust or executing one after the death of a family member, you could benefit from the advice of a DeLand trusts lawyer.

The Preston Law Firm – Trusted Estate Planning Attorneys

We at The Preston Law Firm have served our clients with regard to estate planning and related matters for over 40 years. We understand that estate planning can be an emotional task, as can executing plans that have already been put in place.

With each case we take on, we prioritize integrity, compassion, and care. With our office located on South Orange Street in New Smyrna Beach, we are easily accessible to our DeLand-area clients. The thought of estate planning can be overwhelming, but we are in the business of helping people work through it with confidence.

If you are looking for an experienced Daytona Beach estate planning lawyer, our team is ready to help you feel informed and supported from start to finish.

Definition of a Trust

A trust is a financial arrangement that transfers ownership of assets to a third party for safekeeping and administration. Trusts involve three parties: the grantor, the beneficiary or beneficiaries, and the trustee. The original owner of the assets, who is usually the person directly establishing the trust, is the grantor. A person named to receive trust assets is the beneficiary. The trustee is the person or company tasked with managing the trust.

Recent data shows that over half of Americans, 56%, have no trust or will documents at all. Trusts are even less common than other kinds of plans, with only about 11% of Americans having a trust in place.

This fact likely stems from the incorrect idea that trusts are only a viable tool for people who have a lot of valuable assets. Although people with high net worth or significant assets should certainly establish a trust, relative wealth is by no means a requirement. Whatever your assets may be, a trust can help you pass them to your beneficiaries in a clean, predictable way.

Categories of Trusts

There are many different kinds of trusts, but each trust falls into the following general categories: 

• Testamentary or living: Testamentary trusts are created after the death of the grantor based on instructions in their will. Living trusts are established while the grantor is alive.
• Revocable or irrevocable: Revocable trusts can be modified after they are established, so long as the grantor is still alive. Irrevocable trusts cannot be modified once established. The grantor loses access to and control of the included assets when the trust is enacted.
• Funded or unfunded: Funded trusts are those that actually have control of assets. Unfunded trusts are shell agreements only, with no assets actually owned by the trust until they are enacted, usually upon the death of the grantor.

Why Do People Create Trusts?

The most common context for establishing a trust is estate planning. One major benefit of trusts is the possibility of bypassing probate and potentially avoiding some taxes when transferring assets to beneficiaries after death.

Probate is the process of distributing a deceased person’s estate, handled by the Volusia County Courthouse on North Alabama Avenue here in DeLand. Title XLII, Chapter 733 of the Florida Statutes establishes the guidelines for probate.

During the probate period, the deceased person’s debts are paid from their estate, and then the remainder of the estate is given to beneficiaries as provided in the will. In the absence of a will, the estate is distributed to the spouse first and then to other relatives.

Assets in a trust usually cannot be sold to pay the deceased’s outstanding debts. Instead, they simply pass to the named beneficiaries. Some trust arrangements can also save beneficiaries money on taxes.

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Hire a Trusts Lawyer in Deland, Florida

When establishing a new trust as part of an estate plan or executing an existing one on behalf of a loved one, you should hire a trusts lawyer in Deland, Florida to help you. The laws surrounding trusts and estate planning can be complicated, so it is in your interests to seek legal counsel from someone who is experienced with trusts and familiar with trust laws.

FAQs

Can I Establish a Trust Without a Lawyer in Florida?

It is not advisable to try to establish a trust without the help of a lawyer. Regardless of the size of your estate or the diversity of your assets, sound legal advice is a must for a process as complex and important as estate planning. The purpose of a trust is to make sure you can control what happens to your assets after your death, so you should make sure everything is done right the first time.

Can a Child Inherit Assets From a Trust in Florida?

A child under the age of 18 can inherit assets from a trust in Florida, but they cannot assume legal control of the assets until they reach the age of majority. You can place the assets in a trust with the provision that your child can assume ownership when they turn 18.

How Can an Attorney Help Me With Executing a Trust?

If you need to execute an existing trust, an attorney can help you by providing legal oversight as you complete the process. In the course of executing the trust, there are a lot of steps to follow. A lawyer can make sure you are taking care of everything you need to do and that all of the documents will ultimately hold up to any legal scrutiny.

Do I Need a Will if I Have a Trust?

Yes, you still need a will even if you already have a trust. A trust can protect your assets and make sure they go where you want them to go, but a will allows you to give instructions for assets that are not included in the trust. A will can also give instructions for the establishment of a trust after your death in certain situations.

Contact The Preston Law Firm Today

We at The Preston Law Firm are here to serve you with all of your estate planning needs. Whether you are thinking of establishing a trust or you need assistance with executing your loved one’s wishes, we are ready to help you take all of the right steps. Contact us today to see how we can help you.