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Fort Lauderdale Trust and Estate Planning Attorney
Many people like to set up trusts. This is a great way to reduce estate taxes or any taxes that are due upon your death. A lot of people will designate a third party to handle the trust until the death of the person who set up the trust. The assets are held by a third person and are safe in that manner. When a death occurs, the beneficiaries can obtain the items in the trust without it going to court. The person setting up the trust can also name a lawyer as the trustee. This trustee will then hold the assets for the beneficiaries until the assets are passed down to them.
Types of Trusts
The three most common types of Florida trusts for estate planning are:
Revocable (Living) Trust
This type of trust allows assets to be transferred in and out of your trust and for the trust to be revoked or amended during the lifetime of the creator of this trust.
Unlike the revocable trust, this trust cannot be revoked or amended. The irrevocable trust is generally meant to remove a significant amount of control from the creator of the trust regarding any of the assets transferred to this trust.
This type of trust goes into effect after the death of the creator of the trust. Usually, this trust is included within the instructions of a will to instruct how money and real estate will be handled for beneficiaries.
Deciding on the right trust is important. A trust and estate attorney in Fort Lauderdale can help start the process of your estate planning and help you decide what kind of trust you want to set up. A trust attorney can explain the benefits of each one and make the decision easier to make.
Avoid Florida Probate Court System
Having a trust will usually avoid probate. This can save 3% to 5% of your estate by avoiding probate. This also means that your beneficiaries will get access to the assets more quickly. Since the trust is not part of the estate there will be fewer taxes that will be due upon your death. Another benefit is that assets in a trust will be outside of probate. This means that the assets in the trust will not have to go through the court system and this saves a lot of time. This also avoids court fees and the estate tax may be reduced as well.
Contact A Trust And Estate Planning Attorney To Begin Setting Up Your Florida Trust
Our trust and estate planning attorneys have the moral and ethical responsibility to ensure that each of our client’s wishes will be carried out when preparing their Florida wills, trusts and other estate planning documents. If you or a loved one is ready to setup a trust in Broward County, contact us today to begin setting up a Florida trust.