Manage Your Estate with a Boca Raton Trust Attorney
There are many estate planning documents available to Florida residents to help with the distribution of their assets after they pass away. You probably know that a Florida will allows you control over the disposition of your property and that Florida probate laws will dictate what heirs get certain assets if you die intestate (without a will). You might not be aware, however, that trusts are another estate planning tool that allows you to manage your assets. Sometimes a trust is more advantageous than a will. A Boca Raton trust attorney at Ellis Law Group can help determine whether a trust or will is most ideal for your estate planning goals.
Wills vs. Trust: What’s the Difference?
Both legal documents serve to protect your assets. The biggest difference is that a trust becomes valid as soon as it is executed. A will is valid only after your death. In addition, unlike property transferred under a will, property distributed via a trust does not have to go through probate, saving beneficiaries both time and expenses.
Our Boca Raton Trust Attorney Outlines the Benefits of Creating a Florida Trust
As mentioned above, placing property in a trust allows it to be transferred to beneficiaries in the manner set forth in the trust documents, allowing you a great deal of control. Some of the other reasons people choose to create trusts are:
- To provide for the care of minor children in the event you are no longer able to provide for them
- To provide care and resources to a loved one with special needs
- For charitable giving
- To protect assets from creditors
- To reduce tax liabilities
- To help preserve your assets while you are qualifying for Medicaid benefits to cover nursing home or other types of long-term care costs
Factors to Consider When Choosing Between a Trust and a Will
Our legal team considers your unique situation when planning your estate and considering the benefits of both wills and trusts. Some of the factors we consider may include:
- Where you live
- The value of your assets
- Your current and future tax liability
- Your beneficiaries
- Your relationship with the potential trustees
- Your current wealth
- The possibility of a dispute
How a Boca Raton Trust Attorney Can Help
Properly planning and setting up trusts is full of legal complexities, which is why it is wise to discuss your options with an experienced Boca Raton trust attorney. Our team has decades of estate planning experience and understands the laws that govern trust and estate planning. Our goal is to protect and grow your assets – to preserve your wealth for future generations. When you work with a trust lawyer at our firm you can rest assured that every detail of your estate plan is accounted for.
We Create the Written Trust Agreement
This may seem obvious, but many people think that simply creating an account or changing a deed to real estate is sufficient to creating a trust. The trust agreement should, at a minimum, include the following:
- Name who is the grantor, who are the beneficiaries, and who will act as trustee;
- What property/funds is being placed in the trust;
- When property/funds will be conveyed to the beneficiaries; and
- When and how the grantor may revoke the trust.
These are only the very basic requirements. The trust agreement should be a comprehensive, detailed document that provides clarity in the event that questions arise.
Your Boca Raton Trust Attorney Will Help You Avoid Mistakes
Another common problem occurs when people create a trust agreement but then don’t take the necessary steps to fund the trust. For example, if you want to place your home or other real estate in a living trust, the trust agreement does not automatically place the property in the trust. You must draft a new deed and then get the deed recorded. Otherwise, your estate will have to go through probate, which is probably what you wanted to avoid when you created the trust. A skilled Boca Raton trust lawyer can guide you through the process of funding your trust.
Contact Ellis Law Group for Guidance with Your Trust Today
There are many benefits to working with your Boca Raton trust attorney to create one or more Florida trusts as part of your estate plan. If you are considering including a trust in your estate plan, a lawyer from the Ellis Law Group can help. Please call us at 561-910-7500 or reach out to us online. We welcome the opportunity to serve you and your family.