Palm Coast Trust Attorney

Trust Lawyer in Palm Coast, FL

When it comes to planning your estate, working with a Palm Coast trust attorney can make all the difference. When someone passes away, their property may be subject to probate. Creating a trust with your assets while you’re alive can help your loved ones avoid the probate process in FL.

Hire a Trust Attorney to Help Guide You

Since 2003, the Law Office of Douglas A. Oberdorfer, P.A., has been a pillar in Florida’s legal community. Mr. Oberdorfer is a knowledgeable Palm Coast estate planning lawyer who’s passionate about providing Florida residents with the information they need to make informed decisions about their lives.

Our team’s focus is on helping clients customize their estate plans, ensuring legal compliance, and ensuring that their wishes are respected upon their passing. Our office offers consultations to residents of Palm Coast and the surrounding areas.

Probate in Florida

Florida is considered a popular state for retirees. In 2023, Palm Coast had a population of 102,106. Of these residents, around 30,632 were 65 and older. Even though you may be enjoying your twilight years in comfort, you’ll still want to prioritize detailed estate planning. Doing so can make probate easier on your loved ones.

There were 77,344 probate cases filed between 2021 and 2022 in all of Florida. Probate is the official legal process that happens after someone passes away. For Palm Coast residents, this process is typically overseen at the Kim C. Hammond Justice Center, located at 1769 E. Moody Boulevard in Bunnell.

Probate is generally handled by a personal representative, named in your will or assigned by a court if you have no will. Their duties are to:

• Gather and preserve your assets
• Use those assets to pay off any outstanding debts or taxes
• Distribute the remaining assets to the beneficiaries named in your will

In 2023, the average Palm Coast household income was $71,840. The average home value was $317,200. These assets form part of a person’s property, making detailed planning essential. If your estate plan isn’t extensive, your assets may not go where you want them to.

While this may seem straightforward, these tasks may benefit from a knowledgeable attorney, depending on the details of your estate plan and the complexity of your estate. Probate can be emotionally taxing on your loved ones, making it especially difficult during a time of grief. An easy way to avoid probate is by creating a trust.

What Is a Trust?

There are two common types of trusts that are created for those who want to bypass probate. These are:

1. Revocable living trust. Once created, this type of trust can still be edited or even canceled. It’s similar to a will. You place certain assets into the trust and name their beneficiary. When you pass away, the assets transfer to the beneficiary automatically, entirely avoiding probate.
2. Irrevocable living trust. Once created, this type of trust can’t be canceled or edited. This is because when you place assets into an irrevocable living trust, those assets no longer legally belong to you. They belong to the trust. Like a revocable living trust, these assets still transfer to your beneficiary automatically upon your death, bypassing probate.

While a revocable living trust may seem more desirable, each trust is tailored to the individual’s unique needs. For example, irrevocable living trusts are often chosen because once you add your assets to it, they no longer count as your income. This can be helpful when applying for Medicaid.

You’ll want to hire a trust attorney to help you navigate Florida’s complex laws regarding estate planning. Even a simple mistake may render the entire plan invalid upon your death. Working with an experienced lawyer can help ensure your plan is solid and give you peace of mind.

FAQs About Trusts in Palm Coast, FL

What Is a Trustee?

A trustee is the party responsible for managing your trust’s assets and following your outlined wishes. Similar to a personal representative, their duties include paying taxes, keeping accurate records, and distributing assets to beneficiaries. In Florida, trustees must act in the interests of the beneficiaries at all times. The trustee can be an individual, a family member, or a professional trust company. Choosing a trustworthy and capable trustee is one of the most important steps in trust planning.

What Is a Special Needs Trust?

A special needs trust is a way to set aside money or property for someone with a disability that doesn’t affect their eligibility for benefits, like Medicaid or Supplemental Security Income. These trusts are managed by a trustee who uses the funds to improve the beneficiary’s quality of life while maintaining the beneficiary’s government assistance. There are a few different types of special needs trusts, making it important to work with a lawyer to pick one that’s right for you.

What Is a Testamentary Trust?

A testamentary trust is a type of trust that takes effect only after you pass away, and your will goes through probate court. Unlike a living trust, which is set up and active during your lifetime, a testamentary trust has to go through probate. This type of trust gives you flexibility over how assets are distributed. It’s often chosen for minors, allowing a trustee to distribute assets for specific purposes, such as education or upon the minor’s reaching adulthood.

What Is a Charitable Trust?

A charitable trust is a type of trust that can be created for charitable purposes that help the public. This can include reducing poverty, promoting education, advancing science or religion, supporting the arts, improving health, or serving government and community needs. If the trust document does not clearly name a specific purpose or organization, the court can decide how the funds should be used. When doing so, they must honor your intent.

Choose a Skilled Estate Planning Attorney Today

Reach out to the Law Office of Douglas A. Oberdorfer, P.A. today. When you work with our Palm Coast trust lawyer, you’re working with a legal team that cares about protecting the rights of its community members. We offer consultations to residents of Palm Coast and the surrounding areas in Florida.