Estate planning is an essential aspect of preparing for the future. However, people often believe that valid wills are enough to protect their assets and ensure their wishes are accounted for. This couldn’t be further from the truth. There are a variety of estate planning tools you should consider. And if you want another party to safely distribute assets to your chosen beneficiaries, a trusts lawyer in Tampa can help you through the process.
At Decker Legacy Law, LLC, our team of legal professionals has the experience and knowledge to help you build a solid estate plan. We know that this planning can seem confusing and complex — particularly when there may seem to be few differences between legal documents like wills and trusts. However, there are major differences — and we’re more than happy to help you understand them throughout the process.
Contact our Tampa wills and trusts lawyers today to schedule your confidential consultation.
What Is A Trust?
A trust is a legal arrangement created by a person who wants their assets distributed to certain individuals or entities. This person is known as a grantor, and the trust they create designates someone (i.e., trustee) to distribute their money and property as instructed by the trust. The individual who receives these assets is known as the beneficiary. Unlike a will, trusts can dictate what happens to assets both during and after an individual’s life.
There are a significant amount of benefits that come along with creating trusts in Florida. To start, it minimizes the potential for probate litigation. It also allows a grantor to set specific requirements for beneficiaries to receive money (e.g., “Paul will receive the home after graduating college.”). A trust can also help Florida residents avoid certain tax burdens, protect their assets, and account for contingencies that simply can’t be included in most wills.
Let our legal practice assist in getting your legal documents done right. Contact Decker Legacy Law, LLC, today.
What Are The Different Types Of Trusts?
If you’ve ever seen the trust law section of Federal or Florida statutes, you already know there are a variety of trusts available to you. For instance, a special needs trust would be appropriate to provide ongoing care for a disabled loved one. On the other hand, a Medicaid Asset Protection Trust (MAPT) would help protect your assets and still let you qualify for Medicaid. Of the many types of trusts available, though, they’ll all fall into two of these categories:
- Living trusts: This trust goes into effect while you’re alive. It helps avoid probate and other issues.
- Testamentary trusts: This trust goes into effect after you die and is created within your will. You can change these terms at any time while you’re alive.
- Revocable trusts: This is a living trust that can be modified or canceled during your lifetime.
- Irrevocable trusts: The terms of an irrevocable trust cannot be modified or canceled once the trust is created. This provides a wealth of tax benefits.
The type of trust you choose will depend on your circumstances and what you’re hoping to accomplish. While revocable living trusts might be appropriate for bypassing probate, a testamentary trust may be more suitable if beneficiaries might need help managing assets after you’re gone. Put simply, these and other cases can be complex. That’s why you should reach out to our estate planning law firm and speak with a trusts attorney in Tampa today.
Should Trusts Be Your Sole Estate Planning Tool?
While trusts can be an invaluable part of your estate plan, they’re unlikely to handle all your needs. After all, these legal documents only deal with certain issues regarding asset protection and distribution. Even when trusts are created as part of wills, they cannot deal with all the issues that the will itself can focus on. For instance, a trust will not allow you to choose an executor, select guardians for your children, or specify your final wishes.
At the very least, your estate plan should consist of a will in addition to your trust. This will ensure issues related to your property, family, funeral decisions, and other important choices are accounted for. However, utilizing other estate planning tools may also be appropriate in your situation. Everyone’s circumstances are unique, and that’s why you should speak with an experienced Tampa trusts lawyer today. Decker Legacy Law, LLC, can help.
Contact A Trusts Lawyer In Tampa FL Today
Even though there are often just three parties to a trust, it doesn’t mean that these legal arrangements cannot get complex. This is true even when you’re first creating a trust — and simple mistakes could result in your assets being distributed in court. It’s also important to understand what type of trust is right for your situation — along with when and if you should make changes to the arrangement. An experienced estate planning attorney can assist.
At Decker Legacy Law, LLC, our team of legal professionals is committed to providing superior services to our clients. Probate law, litigation, and other potential estate planning issues can derail your plans. However, creating a legally valid trust — either as a standalone document or as part of your will — will ensure your assets are distributed exactly as you see fit. Contact us today by calling (813) 437-4465. Our trusts lawyers in Tampa are ready to assist.