Picking the right trust for your estate wishes is important. With several options to choose from, it could be surprisingly challenging to find one that works best for you. These essential planning tools offer a structured way to manage and protect your assets, and you want one that is flexible and adaptable to ensure it stays relevant, regardless of life’s unforeseen circumstances. Read this blog, then let us help you make an informed decision on setting up a trust that aligns with your long-term goals.
A revocable living trust is a common type of trust. This legal arrangement allows you to retain control over assets during your lifetime and you could modify it as needed. An irrevocable trust is difficult to change and is often reserved for asset protection, gifting, and estate tax planning purposes
A testamentary trust takes effect upon the grantor’s death and specifies certain inheritance conditions. However, these trusts are created by your Will and require probate proceedings. There are also trusts for charitable purposes, and those that are designed to help wealthy couples with estate tax planning. Our skilled trusts attorney helps you identify the best type of trust that makes sense for your plans.
There are several sound reasons why individuals would consider setting up a trust. It could protect you during incapacitation, and also protect your beneficiaries’ inheritance, be it money or property, from creditors or divorce. A trust also provides better control over your assets and their distribution than a last will and testament. This agreement is also more private, as it is not made a public record. You could even structure your trust to provide for your beneficiary’s special considerations, like minor children or a beneficiary with a disability.
You want to ensure your trust documents are compliant with Florida law and are properly executed. We recommend you consult with the estate planning attorneys at Veliz & Associates, P.A.. We would assess your financial situation and specific goals, and recommend a trust that meets your wishes. We consider factors like asset protection, beneficiary needs, distribution plans, and probate avoidance to further narrow down your options.
The legal team at Veliz & Associates, P.A. have practiced locally for years. If you are a higher net worth individual who needs legal estate planning assistance, contact us now.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
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