Drafting a Trust in
Establish a Trust in Florida With Help From Your Advocates
A trust is a legal entity which is created by a donor, settlor, or grantor and which holds property for the benefit of designated beneficiaries. A trust is basically an entity, like an LLC or Corporation, which holds assets that are managed by a trustee. The beneficiaries of the trust are entitled to enjoyment of the trust assets and income in accordance with the terms set forth by the creator of the trust. The creator or grantor also appoints a representative or "trustee" to administer or manage the trust assets.
This individual can be the creator of the trust, family member, professional trustee, or other trusted individual. Although this might sound complex, trusts are relatively easy entities to create and manage. Speak with our Fort Myers trust attorney for help setting up a trust and providing the answers you need.
How Can I Benefit From Setting up a Trust?
It is a common misconception that trusts are only for the wealthy. The fact is that trusts are designed and useful for a wide range of individuals. It is rapidly becoming the preferred estate planning tool utilized by all classes of individuals. No matter what the goals of your estate plan, a trust can help you achieve a level of control unmatched by older planning techniques such as the will.
Some of the benefits of a trust include:
- Reduced estate and gift taxes
- Avoid the lengthy and expensive process of probate
- Provide for dependent family members or minor children
- Immediately transfer assets to beneficiaries upon death
- Controlled distribution of assets after death
- Added benefits for real estate investors
- Greater protection from creditors
A living trust can be most helpful in certain situations including holding real estate assets prior to death. For example, if you have real property such as real estate and investment properties, you do not want these assets to go through probate as their value would decrease substantially. A living trust could be the answer by providing avoiding probate and providing continuity for these assets into the future.
The work that you have accomplished during your entire life comprises your estate upon death. A professionally drafted trust can accomplish your estate planning goals, allow for a greater level of control of your assets, and save the time and expense associated with the probate process.
While the trust might be considered the "new kid on the block" at the moment, the momentum of its influence in estate planning, fueled by individual education, is rapidly making the trust the preferred estate planning tool for the majority of individuals. Their benefits are undeniable and their influence is exponentially climbing.
Our Trust Professionals Can Keep You on the Cutting Edge.
There are many different types of trusts aimed at fulfilling different planning needs. Whether your needs call for a simple revocable living trust or a more complex trust aimed at minimizing taxes, the attorneys at Powell, Jackman, Stevens & Ricciardi, P.A. can help you build a trust to accomplish your goals.
Contact our office today for more information or to set up a free consultation with
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