People in Florida and around the United States are turning to the use of trusts more and more to satisfy their estate planning needs. While trusts are not just for the very wealthy anymore, anyone considering the use of a trust to ensure his or her wishes are carried through may be confronted with a dizzying array of trust types and uses. This is when a professional’s opinion may come in handy.
For example, do you need a revocable or irrevocable trust? The obvious difference is that the former can be changed or canceled at any time, while the latter cannot. However, each is going to have other advantages and disadvantages that may not be quite as obvious to a layman. Further there are other major categories of trusts, such as inter vivos, or “living” trusts, which are created during the life of the grantor, as opposed to testamentary trusts that are created by a document like the grantor’s will, and do not exist until after his or her death. There are also many kinds of trusts made for specific purposes, among which are support trusts, charitable trusts, life-insurance trusts and spendthrift trusts, to name but a few.
So, which type of trust is right for you? That depends upon your own individual and specific needs and wishes. It may also depend on what type of assets you own and where these are located. You will also have to decide on a trustee, who will be empowered to make the decisions regarding the assets in the trust on behalf of the beneficiary. What restrictions need be placed on this person? Again, this depends on your particular desires and circumstances.
This is why it may well be in your best interest to consider consulting a seasoned legal professional, such as one with over 25 years of experience in creating comprehensive Florida estate plans. The key to successful estate planning is understanding your options, and with this, we can help.
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