Wesley Chapel Trust Lawyer
A trust is a legal tool used to shield the assets within your estate from creditors and taxation, and in some cases can also be used to specify what beneficiaries can and cannot use their inheritance for. In addition, by placing your estate assets within a trust, you are able to bypass probate, which is the legal proving of a will, and takes many months and eats up to 15 percent of the assets held in your estate. Too many people put off estate planning, which often reduces the assets they are able to pass on to their heirs, causes inner-family arguments and grudges, and increases the likelihood of confusion about your last wishes. Recently, more people are realizing the importance of getting a head start on estate planning—due to the Covid-19 pandemic, one in three people saw the need for estate planning, according to Caring. Here at The Law Office of Laurie R. Chane, our Wesley Chapel trust lawyers can help you get started at once.
Common Types of Trusts
- Revocable trusts—These allow the creator of the trust, the grantor, to modify or even terminate the trust at any point during their life as long as they are not incapacitated. One benefit of a revocable trust is that a person named responsible for the management of trust assets, the trustee, can continue to manage those assets when the grantor is incapacitated. This may allow you to avoid having a court-appointed guardian over your property in the event you are incapacitated. As the Florida Bar mentions, a revocable trust is often combined with a “pour-over” will. This leaves any assets that might be subject to probate to the trust after death, thereby leaving the trustee in charge and avoiding the costs and lengthy time delays of probate.
- Irrevocable trusts—An irrevocable trust cannot be altered without the permission of the beneficiaries named. These trusts are useful for any professionals who could be subject to a lawsuit, such as a doctor or an attorney, because it effectively moves assets away from the individual and to the ownership of the trust. This means those assets are safe from any legal judgements or creditors. Another major distinction is that irrevocable trusts offer tax benefits that revocable trusts do not.
- Specialty trusts—Beyond revocable and irrevocable trusts there are many specialty trusts that serve a particular purpose such as to provide financial support for a special needs family member, to ensure your heirs do not quickly mishandle the money they inherit, to skip a generation when transferring assets to avoid estate taxes, and more. An experienced trusts attorney will help guide you through what trusts may be appropriate given your circumstances and goals.
Contact a Wesley Chapel Trusts Lawyer Today
A trust can drastically increase the amount of assets you leave behind for your heirs, and allows you to bypass the timely and expensive probate process. To learn more about the various types of trusts that can benefit you and your loved ones, call The Wesley Chapel trusts lawyers at The Law Office of Laurie R. Chane today at 352-567-0055 to schedule a meeting.