Florida Estate Planning Law Firm Experienced at Creating Trusts

North Central Florida Trust Lawyers Focus on Estate Planning

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.

There are two types of trusts in Florida:

• Testamentary trusts are created as part of a last will and testament. Testamentary trusts contain certain assets that are designated to go through probate, the legal process in which ownership of property is transferred from the estate to the heirs. Parents who want to delay the receipt of money by their minor children until they reach a certain age most often create this type of trust.
• Living trusts are created while someone is alive and are subject to the provisions of their will. Under a living, or revocable, trust one person, called a trustee, holds legal title to property for another person, known as a beneficiary. The main advantage of creating a living trust is to spare your family the expense and delay of probate court proceedings after your death, although Florida has a simplified probate process for estates under $75,000 that may make a living trust unnecessary.

Advantages of Revocable Trusts

Creating a Florida revocable trust might be the best way to help ensure that your property remains available to be used for your benefit should you become physically or mentally incapable of managing your own financial affairs.

If you become disabled and do not have a revocable trust or a durable power of attorney in place, a lengthy, expensive court proceeding will likely be required to appoint a guardian before your property can be used to benefit you or your family. And, even after a guardian has been named, continued court supervision over the management of your investments and disbursements is usually required.

Contact Our North Central Florida Estate Planning Law Firm Today

Do you have questions regarding trusts available in Florida? The estate planning attorneys at Dean & Dean, LLP offer assistance with all types of estate matters, including trusts. Contact us online or call (352) 515-9221 to schedule your initial consultation today.