Types Of Trusts In Florida
A useful tool for many people in the estate planning process is a trust. There are certain benefits that trusts have, but establishing one can be quite complicated, making it important to have an experienced estate planning attorney work with you.
At Woodard & Ferguson, our lawyers help families throughout the Daytona Beach, Florida, area establish and administer trusts. We can answer any questions you have about trusts and inform you of your responsibilities if you are a trustor, trustee or beneficiary.
A Living Trust Is A Useful Tool To Protect Your Assets
One of the main benefits of establishing a trust is that your assets that you place in the trust will pass to your beneficiaries outside of the probate process. This is preferable for many families that value their privacy and want to keep probate costs down.
Our lawyers mainly deal with two types of trusts:
- Revocable living trust: This type of trust can be amended at any time while you are still living. You can continue to use the assets that you place in the trust, and all assets in the trust will still be considered yours. Control of the trust will only be turned over to your trustee upon your death. The assets in this type of trust, however, will still be subject to estate taxes.
- Irrevocable living trust: You will give up control of any assets that you place in this type of trust, and your trustee will administer the trust. Because the assets in this trust are no longer considered yours, they will not be subject to estate taxes.
While you can use your will to establish a trust, taking the steps to establish one now will give you full control over the process, and will allow you to amend it if you change your mind about beneficiaries or any other provisions.
Contact Woodard & Ferguson in Ormond Beach, Florida, at 386-677-0822 or 888-828-3716 if you think establishing a trust may be in you and your family’s best interests. We can provide you with the legal guidance you need.