Land O’Lakes Trusts Lawyer
A will is one of the most effective ways to take advantage of Florida estate planning laws, but some individuals may have goals that are suited to a more advanced tool in the form of trusts. However, according to a survey of adults aged 55 and older, there seems to be a gap between understanding the benefits of a trust and actually following through with creating one. More than 67 percent of Americans report that having a will or trust is critical to having their final affairs in order, but just 1 in 5 have taken steps to create one.
A trust may not be appropriate for every estate plan, but it is something to consider for individuals with unique goals, family situations, or other needs that a will alone cannot accomplish. To learn about your options and whether a trust is the right fit, please contact The Law Office of Laurie R. Chane to schedule a consultation with a Land O’Lakes trusts lawyer. A synopsis may also help you understand the basics.
Summary of Trusts in Estate Planning
A trust is a legal structure in which a grantor transfers title to real estate and personal property, and then provides instructions to a trustee who manages trust assets on behalf of beneficiaries. Depending upon the specific type of trust and provisions included in the associated documentation, a trust can help you achieve a number of estate planning goals:
- By placing assets in a living trust, you can avoid probate or go through simplified estate administration. You legally do not own these items personally at your death, as they are titled in the trust.
- Because a trust passes assets outside the probate process, you can protect your family’s privacy.
- You can establish controls on distributions to beneficiaries who are young, in school, or demonstrate a lack of maturity in handling money.
- You can protect a loved one with special needs by placing assets in a trust, making that person eligible for public benefits.
- With an irrevocable trust, you may take advantage of tax planning and asset protection strategies.
Legal Help and Advice on Trusts
The Law Office of Laurie R. Chane can counsel you on a wide range of trust types to accomplish the above goals and many others. Creating a trust may have implications for your entire family and other loved ones, so it is critical to retain a Land O’Lakes trusts attorney for help with:
- Determining a trust structure that suits your needs;
- Preparing trust documentation and reviewing key provisions with you;
- Executing trust paperwork;
- Transferring ownership of assets into the trust;
- Drafting modifications and amendments as necessary for revocable trusts; and
- Many other essential tasks.
Discuss Your Options with a Land O’Lakes Trusts Attorney
For additional details and personalized information regarding trusts, please call 352-567-0055 or go online to reach The Law Office of Laurie R. Chane. We can set up a consultation with a Pasco County trusts lawyer who can explain the benefits, advise you on options, and assist with the essential documents.
