There is a myth that Trusts are only for the wealthy. In reality, estates of all sizes can benefit from a properly structured and funded Trust. This estate planning vehicle can help you reach numerous goals, such as protecting your assets, qualifying for Medicaid, and helping a child with special needs. Additionally, the property inside of a Trust does not go through probate, allowing your beneficiaries to maintain their privacy when receiving an inheritance and avoiding costs that are associated with probate.
There are various types of Trusts, and choosing the right one is vital so you can reach your estate planning goals. Thus, consult with our Miami Trusts attorney before taking action. You can discuss your goals for now and the future, and then your attorney can help you select a Trust.
You have numerous options for adding a Trust to your estate plan. Contact our Miami trusts attorney to discuss:
After discussing your assets and goals, your attorney can recommend one or more Trusts. Then, your estate plan will be in line with your wishes and goals.
While there are several choices when setting up a Trust, they fit into two main categories: revocable and irrevocable.
You can serve as the grantor and trustee of a revocable Trust. Additionally, you will add a successor trustee to take over the duties if you become incapacitated or pass away. Once set up, you are free to modify or revoke the Trust at any time as long as you are of sound mind.
You cannot serve as the trustee when setting up an irrevocable Trust, though. You cannot modify or revoke it unless you receive the beneficiaries’ consent or court order. However, this type of Trust effectively moves assets outside your estate, allowing you to protect assets and become eligible for Medicaid to pay for long-term care.
While this is a general overview, both types of Trusts are much more complicated. Thus, speak with our Miami Trusts attorney to learn more about which tool is right for your estate plan.
Most Trusts become active as soon as the grantor creates and funds them. Testamentary Trusts are the exception, though. You can include this type of Trust in your Last Will and Testament, and it will go into effect after you pass away.
This is most often used to prevent beneficiaries from squandering assets. For example, you might not want to give 18-year-old beneficiaries a lot of assets out of fear that they will spend the money quickly. You can maintain control by setting distribution guidelines with a Testamentary Trust. For instance, you might use the Trust to authorize the Trustee to give beneficiaries quarterly or yearly payments until they reach a specific age. Then, the Trustee can provide the remaining balance upon a stated age.
Reach out to our Miami Trusts attorney to discuss this and other options. Then, our firm can help you add the proper Trust to your estate plan.
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You might think you can forego a Last Will and Testament if you have a properly funded Trust. However, it is still important to include a Last Will and Testament. First, you can use your Last Will and Testament to designate a guardian for your minor children. Also, you might forget to transfer some assets into your Trust. If you do not have a Last Will and Testament, the court will distribute any remaining assets based on Florida’s intestacy laws. You can avoid this by adding a pour-over Will to work alongside your Trust. This document will transfer any remaining assets to the Trust after going through probate. Thus, you will choose who receives all of your property instead of letting the probate court decide pursuant to Florida’s intestacy laws.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship.