Florida Trust Lawyers
Future Planning with the Right Legal Tools
You can place certain assets of your estate into a trust for legal safekeeping. Making a trust that works for you and your family is a little more complicated than it sounds, though. You will likely have various types of trust from which to choose based on your assets and intentions. To eliminate the guesswork in making a trust as part of your estate plan, call on the Florida trust attorneys of The Dellutri Law Group, PA. We make creating a trust simple, whether it is the body of your estate plan or just one part of it, by walking you through everything, step by step.
Call (800) 391-4337 or contact us online to learn more.
Main Functions of a Trust
When a trust is created, it acts as a contract between the person who made the trust – called a grantor or settlor in many legal contexts – and the trustee. Until the trust is to be acted upon, the trustee has the unique task of holding or overseeing the assets and instructions in the trust.
There are many benefits made possible through a legally sound trust, including:
- Avoiding probate when you pass away, allowing your estate to be distributed sooner
- Uncovering and using methods to lower your estate tax, giving your finances to your family
- Creating plans in the event that you become disabled or incapacitated
- Distributing certain assets to named beneficiaries
Many people prefer trusts because a trust can distribute property to beneficiaries while the grantor is still alive. However, trusts can also trigger upon the grantor’s passing if preferred.
Revocable Trusts & Irrevocable Trusts
A revocable trust is one that can be changed at the grantor’s wishes. Many people use revocable trusts if they create them earlier in their life and know that changes might be necessary later. For example, the growth of your wealth or family could warrant adjusting the details laid out in a revocable trust.
An irrevocable trust is a trust that is essentially “set in legal stone” once it is made. There can be no additions, changes, or deletions to the trust once it is created, so it is important not to rush into making one. You should only prepare an irrevocable trust with an experienced trust attorney like ours. The main benefit of making an irrevocable trust is that it allows assets contained within it to become effectively separate from the grantor’s assets, which can be a boon for tax implications and other issues that affect items in a revocable trust. The downside being, of course, that it cannot be changed once finalized.
How to Fund a Trust
Placing an item into your trust is called “funding” it. By funding a trust, you will make it so that any assets placed into that trust will be controlled by the trust’s terms and conditions. We recommend you work closely with our attorneys when deciding how to fund your trust and in what order.
How an asset can be placed into a trust depends on its type, such as:
- Financial accounts: To fund a bank account, you usually must transfer funds from your private account into your trust.
- Titled assets: Vehicles and other pieces of property with titles are usually funded once you get a new title that lists the trust as the owner, not you.
- Real estate: Quitclaim deeds are usually needed to place real estate into a trust. You might also have to work with a third party like a bank or homeowners’ association to fund the trust with real estate if you are still paying off your house or belong to an HOA.
- Miscellaneous property: Assets with no title, which might be most of your valuables, can be funded into a trust by signing an official Assignment of Property documents.
Trust in Our Florida Trust Attorneys
There is no better time than today to think about your future and that of your loved ones. Creating a trust might be exactly what you need to do to start planning and give yourself peace of mind. The Dellutri Law Group, PA would be happy to help you discover all the benefits of a trust and which one would likely be best for you.
Contact us online or call (800) 391-4337 to speak with a Florida trust lawyer.
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