Trust Law Firm in Stuart, Florida
A trust is one way that you can pass on your wealth to your loved ones, while avoiding some of the complications that a will could present when it goes to probate. If you are considering establishing a trust for your financial planning or estate planning needs, contact the trust law firm in Stuart, Florida at the Estate, Trust, & Elder Law Firm, P.L. A trust is a kind of legal entity through which you can transfer property, assets, and money to a beneficiary. With a living trust, you can be the beneficiary, and when you pass away, you can name your spouse, children, or others as beneficiaries of the trust, so that your wealth can pass directly to them. The benefit of a living trust for estate planning purposes is that you will still have access to your property and money, and can still make decisions about what stays or leaves the trust. In this way, a living trust is a flexible estate planning option. However, this is not the only kind of trust available for estate planning purposes. The Estate, Trust, & Elder Law Firm, P.L. in Stuart, Florida are trust lawyers who can also assist you should you need to establish a special needs trust for a disabled child or loved one and can also help you with a charitable trust and other types of trusts. If you are considering establishing a trust for estate planning, consider speaking to the trust lawyers at the Estate, Trust, & Elder Law Firm, P.L. in Stuart, Florida. Our trust lawyers can review your situation and help you understand which options are best for you.
Should I Choose a Trust or a Will for My Estate Planning Needs?
When it comes to estate planning, some individuals choose to write a will while others will establish a trust. What is the difference? And which entity is best for your situation? A trust offers certain benefits. For example, with a trust, property, assets, and money are transferred directly to beneficiaries, without the need to take a will to probate and without the need to list assets in court. This has the added benefit of allowing you to transfer wealth to your family and loved ones privately. Avoiding probate can save your family court fees and the risk that your will could spend weeks, to months, or even years in probate should any issues arise. A trust may also confer certain tax benefits when it comes to transferring wealth. If you own homes or property in more than one state, a trust also might be a better option. With a will, your will would have to go through probate in each state where you have property or assets. Finally, a trust also offers benefits for end of life planning. Because a trust is managed by a trustee, should you become too ill to make financial decisions, the trustee can manage your assets or a beneficiary can be appointed to step in and make decisions.
Yet, a trust can be costly to establish and manage, so if you don’t have significant wealth, a trust might not be your best option. Furthermore, a trust might not solve all your estate planning needs, so many families that use trusts also still may need a will to clarify other key decisions, like care for children and pets through a will. An advanced directive may also be needed to clarify how medical decisions will be made, because a trust will only cover your financial matters.
At the end of the day, each person and family will need to weigh their options when it comes to which estate planning structure is best for them. The Estate, Trust, & Elder Law Firm, P.L. is a trust law firm in Stuart, Florida who can help you evaluate the benefits and drawbacks of a trust and a will. Contact us today to learn more.
What Type of Trust Should I Use?
There are many different types of trusts that you can use, but the most common type of trust used for estate planning purposes is a living trust. With a living trust, the person establishing the trust can also be the beneficiary. You also can remove property and assets from the trust as you see fit. A living trust is also known as a revocable trust because it is flexible in this manner. An irrevocable trust, however, is a type of trust where, once property and assets are placed into the trust, the person placing the assets into the trust transfers ownership of the property permanently into the trust and to the named beneficiaries.
Living trusts are not the only option. If you are planning to set aside part of your assets for charitable causes, a charitable trust might be a structure you might want to use. With a charitable trust, donors can enjoy certain tax breaks.
A special needs trust is another trust families use for end of life planning and estate planning purposes. If you have a loved one who is disabled or ill and who relies on government benefits, an inheritance could impact your loved one’s ability to continue to access those benefits. A special needs trust allows you to set aside money for your loved one’s needs while also protecting your loved one’s access to government benefits. With a special needs trust, your loved one cannot have direct access to the money and the money can be used for a variety of purposes to meet your loved one’s needs.
These are just some of the types of trusts you can choose among when planning your legacy. If you have questions about what type of trust might be best for your family and your needs, reach out to the trust law firm at the Estate, Trust, & Elder Law Firm, P.L. in Stuart, Florida. Our firm can review your situation and help you select the right type of trust and estate planning structure for your needs.