Jacksonville Living Trust Lawyer

Experienced Living Trust Attorney in Jacksonville, FL

Planning for the future can be more than designating beneficiaries to inherit your property. In Florida, many families choose to create living trusts to avoid probate or maintain management of their property should they become incapacitated. Talk to a Jacksonville living trust lawyer to learn more about how living trusts work and whether one fits your estate planning goals.

Working with a Jacksonville trust attorney is a great way to learn about living trusts and find out if they’re right for you. Your attorney can help you understand the benefits and limitations of creating a living trust as part of your estate plan.

Get to Know the Law Office of Douglas A. Oberdorfer, P.A.

At the Law Office of Douglas A. Oberdorfer, P.A., we have helped Jacksonville-area clients with estate planning, creating trusts, trust administration, probate, and elder law matters since 2003. Douglas Oberdorfer is licensed in Florida and North Carolina and has over two decades of experience in the legal field. He is also a former assistant state attorney for Florida.

The Law Office of Douglas A. Oberdorfer, P.A., works with clients to craft estate planning documents to meet their financial goals and abide by Florida law.

What Is a Living Trust?

A living trust is created during the grantor’s lifetime and is also known as an inter vivos trust. Usually, the person setting up the trust, known as the grantor, moves ownership of their chosen assets into the trust while still managing them as the trustee. A successor trustee is then named to take over if the grantor dies or becomes unable to continue managing the property.

A living trust does not go through probate the way that a will does. Instead, the named successor trustee manages or distributes the property according to the instructions in the trust document. Living trusts can be used for your primary residence, investment accounts, bank accounts, and other assets you may own.

Of those in their 60s, 46% have a will, and 44% have an advance directive or living will. Less than one-third of individuals under 60 have produced such documents, showing the need for individuals to know and understand healthy estate planning, including living trusts.

Florida Laws That Govern Living Trusts

Trusts in Florida are governed by Chapter 736 of the Florida Statutes, in the Florida Trust Code. This set of living trust laws controls the creation and administration of trusts in Florida, including the trustee’s responsibilities and a beneficiary’s rights.

Certain aspects of living trusts in Florida are also affected by the Florida Probate Code. Just because a living trust avoids probate does not mean that other assets you own at death are not subject to probate. If no other estate planning documents exist, any assets not titled in the name of your trust are likely to go through probate.

Benefits of a Living Trust

If used strategically, a living trust can provide several benefits for you and your estate. First, any assets titled in the name of your living trust avoid probate. Beneficiaries may be able to receive their inheritances more quickly and with less expense than if assets were left in a will.

Another benefit is that your living trust continues once you become incapacitated. Rather than appointing a guardian via court order to manage your assets, your successor trustee can step in and manage your assets. Unlike a will, which becomes a matter of public record during probate, a living trust remains private. Because they do not go through probate, the terms of your trust may not be made public.

Living trusts do have drawbacks. They can be complicated and typically require the assistance of an attorney to draft. Transferring assets into a living trust also requires updating how you hold title to certain assets.

When to Hire a Living Trust Lawyer

Living trusts require careful consideration when creating the initial trust document and funding the trust. When you hire a living trust lawyer, you can usually expect assistance in deciding which assets to transfer into the trust. You should also plan on your Jacksonville living trust attorney helping you figure out how the living trust fits with the rest of your estate plan.

If you are involved in a trust or estate dispute, you may have to file a living trust case in the Duval County Courthouse at 501 W. Adams Street, Jacksonville, FL 32202. Many trusts avoid probate in Jacksonville, but there may be instances where court involvement is required.

FAQs

Is It Possible to Change a Living Trust?

Yes, it is possible to change a living trust. The majority of living trusts are created as revocable trusts. This allows the creator to make changes to the trust during their lifetime, provided they have the legal capacity to do so. Some of the reasons someone may want to change their living trust include getting married, getting divorced, having children, or buying a house or vacation home.

What Happens if Property Is Left Out of the Trust?

If property is not put into your living trust prior to your death, it will most likely not be administered through your trust. Alternatively, any property you own outright, without a designated beneficiary or joint ownership already in place, may likely go through probate when you die. Periodically reviewing your assets can help you discover if anything was left out of your trust.

Can I Put Bank Accounts or Investments in My Living Trust?

Yes. Many choose to put bank accounts, brokerage accounts, and other financial assets into their living trust. Most financial institutions have specific paperwork that must be completed in order to re-title the account in the name of the trust. As long as the assets are titled in the name of the trust, they may be administered according to the trust instructions and not through probate.

Who Should Serve as a Successor Trustee?

Ideally, a successor trustee should be organized, responsible, and financially and legally adept. Often, a family member or close friend is named. Others prefer to name a professional fiduciary or financial institution as successor trustee. Regardless of who is chosen, a successor trustee should be willing to adhere to the terms of the trust and communicate with beneficiaries.

Speak to a Jacksonville Living Trust Lawyer Today

A living trust can help you achieve your estate planning goals. Contact the Law Office of Douglas A. Oberdorfer, P.A., to learn more about living trusts and how they can help you prepare for the future.