Trusts are related to wills, but they are not the same. Trusts are used to achieve a variety of goals. They are estate-planning tools that help manage property. The trust-writer transfers benefits and obligations to a third party. When you need assistance with Trusts in Florida, we can help.
An example of this is related to college. Someone, upon perishing, grants money to a bank. The bank would then manage the money to ensure that there are enough funds for someone’s kids to be educated.
With a trust, specific conditions can be stipulated. Payments could be spread over time. Trusts are more flexible than wills.
Revocable Trust Attorney
When a person transfers their assets into a revocable trust, they own no assets after death. This means that the property is not subject to the probate process. This means that your property is transferred to the beneficiaries more quickly. A trust allows you to select a guardian for your children.
Revocable trusts are otherwise known as living trusts. There are certain tax benefits to a living trust, especially for married couples. Due to the fact that they do not go through probate, there are no costs associated with the probate process.
Living Trust Lawyers
One of the most important advantages of a living trust is that it is private. A living trust is not public. Wills are a matter of governmental record. By default, wills and testaments must be open for everyone to observe.
A will without durable power of attorney is prone to certain unwanted outcomes. The court will appoint someone to look over someone’s financial affairs, should they become incapacitated and their will lacks certain clauses. The executor must report to the court in these cases. Having a revocable trust means that you avoid this.
Trusts are far more difficult to contest than wills. They hold up far more often that wills do.
A living trust does not make sense for everyone. It is a good idea to consult with a lawyer before you acquire one.
Boca Raton Trust Lawyers
The Berman Law Group has significant experience with trusts in Florida. We can help review, draft, or help you with your trust. Our attorneys have assisted many Floridians with their trusts. When you want to write a trust, it is absolutely vital to have a skillful lawyer by your side. Writing your trust incorrectly will not yield the results you may want.
Call us today at 1-800-375-5555.