If you are wondering if a legal trust is right for you and your family in Pinecrest, a trusts lawyer can offer guided solutions on the best way to make that happen. Trusts can be a valuable tool, but it is important to ensure they are set up and managed properly. An estate planning attorney could make recommendations as to what is in your best interests and then develop a plan that gives you peace of mind for the future of your assets.
A trust is a legal contract that allows a grantor to transfer their assets, so that a trustee can independently manage and protect those assets until it must be distributed to the grantor’s beneficiaries. The assets may include anything of value, including real estate property and bank accounts. One of the key benefits of putting assets into a trust is to keep those assets out of probate after the death of the trust-maker. Normally, the deceased’s estate would need to go through a lengthy and complicated probate process. Any part of the estate that is in a trust does not need to go through probate.
Trusts also allow the grantor, also called settlor, to specify certain conditions, such as distributing a portion of the assets to a beneficiary a little bit at a time, or only distributing a portion after the beneficiary reaches a certain age. A trusts attorney could help work out the details of a trust in Pinecrest and help you cover all requirements.
Two types of trusts, revocable and irrevocable, offer different features and benefits. A trusts attorney could ask the right questions to determine which is the right one for a specific person and estate in Pinecrest.
A revocable trust is the more flexible of the two types. The settlor maintains complete control of the assets in the trust, and they can easily modify the terms. The assets in the trust do not need to go through probate upon the death of the settlor, which means the beneficiaries could benefit from the trust sooner. However, a revocable trust does not protect assets from creditors, and the assets in the trust still count as part of the settlor’s taxable estate.
An irrevocable trust cannot be changed or revoked after it is created. The settlor does not have control of the assets within the trust. Instead, the trustee has the sole obligation to manage the assets for the beneficiaries. Although this type is less flexible, it does have unique advantages. The assets within the trust do not count as part of the settlor’s taxable estate, and creditors cannot acquire the assets in the trust.
One reason someone may set up a trust is to ensure a loved one is cared for even after the grantor has passed away or become incapacitated. For example, a trust may be set up to pay for the care of a disabled child or a family member who has long-term health issues. An attorney could set up a trust that specifies how the grantor’s assets are to be distributed to tend to the loved one’s needs.
Trusts are tools that you can use when planning for your future and the future of your family. They have protective qualities that can help you keep your assets out of probate, and when set up correctly, they can ensure your assets are distributed the way you want them distributed.
If you are looking to set up a legal trust in Pinecrest, our trust lawyer at Veliz & Associates, P.A. can explain what is required, how they work, and all the benefits you enjoy by setting one up. Call us now to set up a consultation.
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.
(305) 250-9917