A: It can be difficult to measure the cost of working with a Flagler Beach Trust’s lawyer without knowing more details about your specific situation. Trust attorneys typically charge flat fees for specific services, an hourly rate, or a combination of the two. Some may also require a retainer fee. Whatever the pay structure, you can expect the complexity of your finances and the experience level of the attorney to factor into the overall cost.
Flagler Beach Trusts Lawyer
Flagler Beach Trusts Attorney
While no one really wants to think about death, it’s pertinent to have some semblance of a plan for your financial assets so you can continue protecting them while you’re still alive and have peace of mind knowing they’re going to the right people once you pass. A Flagler Beach trusts lawyer can help you explore estate planning options to keep your assets safe.
When you work with a Flagler Beach estate planning lawyer at The Preston Law Firm, you can rest assured you’re getting personalized solutions for your assets. We don’t believe in a one-size-fits-all answer for all our clients. We take the time to look into your situation and come up with a strategy that works for you.
Revocable Vs. Irrevocable Trusts in Flagler Beach
If you decide to protect your assets with a trust, you must determine which type of trust you’d like to create. There are two main types of trusts you can create in Florida: revocable trusts and irrevocable trusts.
A revocable trust, or a living trust, is a document that allows a person to manage their assets during their lifetime and to distribute them to chosen beneficiaries or heirs upon their death. Revocable trusts can be modified or revoked as long as the person who created the trust (the grantor) is alive. Once they pass away, it turns into an irrevocable trust.
When you hold assets in a living trust, you can typically bypass the probate process entirely in Florida. However, it’s not wise to put all types of assets in a trust because it can cause income tax problems. A Flagler Beach trust lawyer can help you determine the right course of action for all your assets. Since avoiding probate can save time and money for your beneficiaries, it’s worth understanding how the process works in Florida.
Conversely, you can’t modify or revoke an irrevocable trust once you create it. Once you create the trust, the assets in it are no longer considered to be owned by the grantor. This can be beneficial because creditors can typically no longer attempt to collect debts on assets in this type of trust.
When Do You Need a Trust in Flagler Beach?
Trusts are useful estate planning tools to help you distribute your assets in your preferred manner after your death. The person handling this distribution, often called an executor, has specific legal responsibilities in Florida. While no one likes to think about Deaths in Flagler County, they have fluctuated over the last ten years but have been increasing on aggregate, with deaths increasing from 1,162 in 2013 to 1,747 in 2023.
The five leading causes of death in Flagler County in recent years:
- Cancer: 405 deaths
- Heart disease: 394 deaths
- Stroke: 113 deaths
- Chronic lower respiratory disease: 105 deaths
- Unintentional injury: 90 deaths
That said, “accident” was the most common cause of death certified by the District 23 Medical Examiner’s Office (D23MEO) in 2024. Anything can happen to you at any time, so it’s wise to be as prepared as possible. A Flagler Beach estate planning lawyer at The Preston Law Firm can help you get your finances and other assets organized so you’re prepared if the worst happens.
There were a total of 705 trust cases filed in Florida in fiscal year 2021-22. A skilled attorney has experience handling these types of cases and can use their knowledge to develop the right strategies to protect your assets.
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Seek Legal Counsel From a Flagler Beach Estate Planning Lawyer You Can Trust
Whether you have a question about an existing trust or you’re ready to explore the option of creating one, you can count on the legal professionals at The Preston Law Firm to be there for you. We’re dedicated to providing the personalized care and support you need to secure your financial future.
If you’re ready to start planning for your future and the future of the next generations in your family, you can count on our team to be there for you. One of our Flagler Beach trust lawyers can take a closer look at your finances and determine the right avenue to protect everything while maximizing your wealth. All that’s left to do is get in touch with our team to set up an appointment today.
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