Estate plans can consist of multiple documents, including trusts. Trusts are a crucial part of a comprehensive estate plan, enabling an individual to keep their estate private and out of state jurisdiction. While a will is a fundamental component of an estate plan, it does not keep an estate from probate – but a trust can. An Edgewater trusts lawyer can help you review your assets and beneficiaries and determine what a trust can do for you and your estate.
Your estate plan could include one or multiple trusts, depending on your needs. Managing these trusts and their requirements is much easier with an attorney. An attorney also helps ensure that these trusts are enforceable. Your choice of attorney can significantly affect the quality of your estate plan and its success.
At The Preston Law Firm, we have over 35 years of experience in estate planning law, supporting individuals as they plan for their future and the future of their loved ones. With experience in probate administration, trust administration, and estate planning, we understand each of the steps involved in creating and managing complex and straightforward estates.
It is not always easy to begin the process of creating an estate plan, addressing a time when you are incapacitated or deceased. Many people put off estate planning until it is too late. The Preston Law Firm attorneys can help you navigate this potentially overwhelming process and help you create clarity and certainty about your future and the future of your family with compassionate and comprehensive legal care.
Our attorneys help you determine and address your estate planning goals, including creating the appropriate trusts to support the needs of your beneficiaries and your assets.
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A trust is a legal entity created by you, the grantor. You can name yourself the trustee of the trust in some cases and name the successor trustee of the trust. When you become incapacitated or die, the successor trustee becomes the trustee. In other types of trusts, you name the trustee of the trust immediately upon creating the trust. In both situations, your assets remain in the ownership of the trust when you die and don’t become the state’s property to manage and distribute.
Instead, the trustee is responsible for this process. This is why it’s important to select your trustee carefully. Not only do you want to pick someone you trust, such as a family member, friend, or professional, but you need to pick someone who can manage the significant responsibilities of being a trustee. Your trustee has a fiduciary duty to act in the interests of the assets in the trust and the beneficiaries of the assets.
Beneficiaries are the named inheritors of assets in a trust, much like in a will. However, a trust offers greater control over how and when assets are distributed. By bypassing probate and state jurisdiction, a trust can save your loved ones time, money, and stress during the estate distribution process.
There are two main types of trusts, each offering unique benefits depending on your goals and the assets you want to protect. An estate planning attorney can help you understand these benefits and determine how to use one or both types of trusts to meet your specific needs.
In a revocable trust, also called a living trust, you can choose to serve as the trustee or name another party the trustee during your lifetime. Because you are the trustee, you still have complete control over the assets you place in the trust and control over who inherits those assets. You can modify the terms and beneficiaries of the trust over time as your wishes change. You can also revoke the trust entirely if you wish.
Living trusts are useful for individuals who want to establish a trust but don’t want to give up control of their assets. Once you die, the revocable trust automatically becomes irrevocable, preventing modification after your death. The named successor trustee takes control of the trust and follows the rules for settling debts and distributing assets as outlined by the trust. The trustee will also take control of the trust if you become incapacitated.
In an irrevocable trust, you must name another party as the trustee in order to recover the benefits associated with an irrevocable trust. An irrevocable trust cannot be altered once it is created, except in specific circumstances. Altering or revoking an irrevocable trust typically requires the agreement of all named beneficiaries and a court petition.
The assets in an irrevocable trust are no longer yours to control because you cannot alter the trust. This can have certain tax benefits for you during your life, as you don’t have to pay taxes on these specific assets. It also benefits your beneficiaries, as these trusts protect the assets in them from most creditor claims during the estate administration process.
Both types of trust can save your loved ones time, money, and emotional strain after your death by avoiding probate. Without the court costs and attorney fees from probate, your loved ones will receive more of your estate’s benefits. Certain trusts may also be able to avoid costs like the federal estate tax.
Because the transfer of assets in a trust is a private system and does not require the resolution of probate, this transfer can happen much more quickly. The larger your estate is, the longer probate is likely to take. Placing most or all of the assets into trusts can limit the time your family must be in court. Your loved ones can benefit immediately from the inheritance you left them rather than being unable to access them through the lengthy probate process.
Trust administration offers valuable privacy. Unlike a will, which becomes a public document during probate, a trust keeps your assets, estate details, and beneficiaries confidential, ensuring your intentions remain private.
A trust also allows you more control over the distribution of your assets. If you have minor children and you leave them an inheritance in a will, the probate court will have to establish a guardian to manage those assets until they are of age. By placing the assets in a trust, you can appoint a trustee to manage the assets. A trustee has a fiduciary duty to your children, while a guardian may not. Your children will receive the assets when you instruct the trust to distribute them.
A trust can hold assets for a beneficiary in many other circumstances, such as if a family member is irresponsible with money or if you want them to inherit when they are older. It is also beneficial if a beneficiary is disabled, and you want them to inherit without threatening their ability to receive essential state benefits.
How much a trust should cost in Florida will depend on the type of trust and the amount of professional support you require. Some factors that will affect the cost of a trust include:
The Preston Law Firm can help you find the right legal tools to protect your family and your estate. Contact our firm today.
If you find yourself in this or another similar situation, the Preston Law Firm has the knowledge and experience to assist you. Timing is critical, CLICK HERE to contact us today.
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