Trusts are powerful tools in estate planning, offering flexibility, control, and peace of mind when it comes to managing and protecting your assets. Whether you’re new to the concept of trusts or looking to better understand their benefits, this FAQ will answer common questions and guide you through the essentials. From types of trusts to how they differ from wills, we’ll help you make informed decisions to secure your family’s future.
What is a trust?
A trust is a legal instrument where assets are held and managed by the trustee for the benefit of the beneficiary.
Why should I consider a trust?
Trusts can help manage assets, avoid probate, minimize estate taxes, delay lump sum distributions, and ensure your wishes are followed after your death. They can also provide for loved ones who may need assistance managing their inheritance.
What are the common types of trusts?
- Revocable (Living) Trust: Can be changed or revoked during your lifetime.
- Irrevocable Trust: Once established, it cannot be changed or revoked.
- Special Needs Trust: Supports individuals with disabilities without affecting government benefits.
How is a trust different from a will?
A will outlines how your assets are distributed after death, but a will alone does not avoid probate. In contrast, a trust can provide for asset management during your lifetime and avoid the probate process, which can be lengthy, costly, and stressful for loved ones.
How do I create a trust?
Creating a trust involves consulting with an estate planning attorney who can assist in selecting the right type of trust for your unique goals and circumstances. This allows you to have an instrument that not only memorializes your intent but provides a smooth transition for your assets to avoid probate. While the process can seem complex, our experienced attorneys are here to guide you every step of the way.
We’ll help you understand your options, ensure your trust is tailored to your needs, and provide peace of mind knowing your family and assets are protected. Contact our office today to schedule a consultation. We look forward to learning more about you, your family, and ways we can assist for generations to come.
Learn more about setting up a trust in Florida.
