The Villages Trusts Attorney
In The Villages, and throughout Florida, trusts are an important part of overall estate planning. With a trust you can manage your property effectively, ensuring it is distributed to your beneficiaries after you pass away while also possibly minimizing federal estate taxes. There are many different types of trusts available in Florida including irrevocable and revocable trusts, special needs trusts, and more. Contact our skilled The Villages trusts attorney for assistance or read more below.
Revocable vs. Irrevocable Trusts
In Florida, revocable trusts are especially popular because they allow you to retain control over your property during your lifetime. You can transfer, sell, or use the property within a trust as needed. Upon your passing, the successor trustee you named will manage the trust and distribute the property within it according to the trust’s instructions. As the name suggests, you can revoke these trusts or amend them at any time.
Irrevocable trusts, on the other hand, offer protection from creditors and can minimize federal estate taxes. However, they also require you to relinquish control over the property within the trust during your lifetime. Irrevocable trusts can ensure that your property is preserved for future generations.
Using Trusts to Avoid Probate
Trusts have many benefits but one of the main reasons people create them is to help their loved ones avoid probate. The probate process can be long and expensive, and beneficiaries cannot receive their inheritance until probate is closed. Trusts can help avoid this, allowing beneficiaries to receive their inheritance right away and preserve your property.
When you create a trust, it is considered a separate legal entity. This means that legally speaking, the property you funded the trust with does not technically belong to you. This means it is not subject to probate and can avoid the long and complicated process.
Who Should Establish a Trust?
Trusts are valuable legal tools for many people. They are particularly useful for individuals who have substantial assets, dependents who have special needs, or those who wish to leave a charitable legacy. As explained above, trusts are also particularly valuable for anyone who wants to avoid probate and protect their privacy. Retirees, business owners, and parents also find trusts very beneficial to ensure their wishes are legally enforceable and that their intentions are clearly outlined.
Trusts are also particularly useful for people who own property in different states. This can avoid probate proceedings in different jurisdictions and make the entire process much easier.
Our Trusts Lawyer in The Villages Can Draft Your Document and Ensure it is Enforceable
At William Rambaum, P.A., our trusts attorney in The Villages can guide you through the complicated trust laws in Florida. We are committed to making sure trusts are tailored to meet the unique needs of our clients. We can put that expertise to work for you, too. Whether you are just starting to plan your estate or need to manage an existing trust, we can help. Call us now at 727-781-5357 or fill out our online form to schedule a consultation with our experienced attorney and to get the legal help you need.
