Trust Law Firm in Vero Beach, Florida
If you are considering establishing a trust as part of your estate planning, the trust law firm at the Estate, Trust, & Elder Law Firm, P.L. in Vero Beach, Florida may be able to help you. There are many options available to you when it comes to estate planning—from trusts to wills. The Estate, Trust, & Elder Law Firm in Vero Beach, Florida can help you evaluate the benefits of each estate planning option to determine whether a trust is right for you.
What is a trust? A trust is a legal entity that allows a person to manage money, assets, and property with the assistance of a trustee. Property placed into a trust is managed by the trustee for the benefit of a beneficiary or beneficiaries. One of the common trusts that individuals use for estate planning is a living trust, in which money, assets, and property are placed into the trust with the owner of the assets being the beneficiary. The maker of a trust can also be a beneficiary. The benefit of this type of trust is that you and your family can still have access to your property and assets, but should you die, the property and assets will be transferred immediately to other named beneficiaries. A trust can also help you with your end of life planning. Should you become too ill to manage your affairs, your trustee can manage your trust without the need for other legal structures like a guardianship or living will.
Because a trust is not a will, when you pass away, your family might be able to avoid probate. With a will, the will must be taken to court for probate. A trust can also permit you to pass your wealth onto family and loved ones privately. With a will, all your assets and the probate process will be on the public record. With a trust, the assets, money, and property in the trust pass directly onto your loved ones who are named beneficiaries. A trust can also grant you certain tax benefits.
While a trust can have many benefits, it might not be right for everyone. A trust can sometimes be costly to manage and costly to establish, while a will has no ongoing costs. When do families choose a trust over a will for their estate planning options? Trusts are beneficial for families that own property in multiple states (where a will would have to go through probate in each state where property is owned), where families have significant wealth that must be managed, where families want the privacy that probate affords, and when families can benefit from the tax benefits that a trust can provide. If you are not sure which estate planning structure is best for you, consider speaking to the trust law firm at the Estate, Trust, & Elder Law Firm, P.L. in Vero Beach, Florida. Our attorneys can take the time to understand your family’s needs, concerns, and work with you to find the right estate planning structure to meet your needs.
Which Should I Choose: A Living Trust or a Will?
When it comes to estate planning, one of the big questions you’ll need to ask yourself is whether you want to use a will or a living trust to pass on your assets to your loved ones. Each estate planning structure has benefits and drawbacks. The Estate, Trust, & Elder Law Firm, P.L. in Vero Beach, Florida is a trust law firm that can help you decide which estate planning option is right for you.
There are many benefits to establishing a trust. First, a trust won’t have to go through probate, while a will must be taken to court to go through probate. This can save your family money in court fees and costs, and can also give your family some degree of privacy because everything that goes through the court system will be on the public record. It is also much more difficult to contest a trust than a will. Finally, if you own property in different states, a trust might be a better option to transfer property and assets, because a will would need to undergo probate in each state where you have property. A trust is also a great option for end of life planning because you won’t need a living will or a guardianship to manage most of your financial affairs because the trustee could manage your assets in the trust should you become incapacitated.
However, a trust is not right for everyone. A trust can be costly to establish and manage. With a will, your lawyer can review the document and then there are no ongoing fees or costs. While a trust can offer some tax benefits, it won’t eliminate your tax burden altogether. Finally, not all property can go into a trust, and you may still need a will to make clear your wishes regarding how your minor children will be cared for or how pets will be cared for should you pass away.
Many families choose to use a trust and a will for their estate planning needs, while some families only need a will. The Estate, Trust, & Elder Law Firm, P.L. in Vero Beach, Florida is a trust lawyer who can help you with your estate planning. Let us help you choose the best option for your family.
Choose the Right Kind of Trust for Your Needs
There are several different types of trusts you can choose from, but the most common type of trust used for estate planning is a living trust. With this kind of trust, you can add or remove property as you wish and the trustee can also be the beneficiary. Other types of trusts include charitable trusts and special needs trusts. If you plan to pass some of your wealth to a charitable cause, a charitable trust may be able to afford you certain benefits, including tax benefits. A special needs trust, on the other hand, is a special type of trust established for an individual who receives government disability benefits. Sometimes, receiving an inheritance can impact a person’s qualification for Medicaid and other benefits. A special needs trust can ensure that your disabled loved one is cared for while also ensuring that his or her government disability benefits are not impacted by an inheritance. If you have a disabled child or loved one, consider speaking to the Estate, Trust, & Elder Law Firm, P.L. in Vero Beach, Florida about how a trust might be able to help you plan for your loved one’s ongoing care.
Trusts can serve a variety of purposes. If you have questions about how a trust might help you for your estate planning needs, contact the Estate, Trust, & Elder Law Firm, P.L., a trust law firm in Vero Beach, Florida today. It is never too soon to begin planning for your future.