Amelia Island Trust Attorney

Amelia Island Trust Lawyer

It is important for every adult, especially those with considerable assets, to make a plan for how to divide those assets in the event of their death. Everybody has to face their own mortality at some point, and it may make one feel more secure to have a plan for the aftermath of their own passing. Nobody knows when it will happen, so being prepared can also help to bring you some comfort. Contact our Amelia Island trust attorney & law firm to see how a trust can help you.

What Exactly is a Trust?

A trust is a reasonable alternative to a last will and testament. It’s quite different from a last will and testament, which allows you to provide instructions on what to do with your assets in the event of your death. A trust, however, is a complex legal document that gives you the ability to transfer your assets to an account that will be managed by another person that will control your property. A trust allows you to put aside a portion of your assets for specific use.

Many people form trusts to provide financial security to minor heirs or special needs family members. This is because the heirs are not able to access the money currently but will be able to do so in the future. A trust has many benefits that a will does not have, the chief one being that a trust does not have to go through the probate process in Florida.

Different Kinds of Trusts are Used in Florida

Being forward-thinking with your estate planning provides financial peace of mind for your family and other beneficiaries. By using a trust, you know the money is going to be used in the correct way and will absolutely go to the right people. There are multiple kinds of trusts that can be used for a wide variety of intentions. Here are some of the more widely-used ones:

• Living Trust: A living trust places chosen assets into a trust that exists as its own legal entity. You would name yourself as the trustee, which guarantees you power over the trust and the assets contained within it. You would then name a chosen successor who will take over as trustee in the event of your death. At that point, the successor will be responsible for ensuring the trust passes to the heir who is intended to receive it.
• Charitable Trust: By developing a charitable trust, you can ensure that a chosen portion of your assets and/or wealth are given to a charity or charities of your choice. This type of trust is irrevocable and benefits multiple parties, including yourself, as it comes with various tax benefits.
• Spendthrift Trust: This type of trust is intended to protect the money within from the irresponsible spending habits of the intended heir. For instance, you may have a grandchild whom you want to help financially, but they spend too much money.
  Setting up a spendthrift trust gives that grandchild access to the money within, eventually, once they learn a thing or two. They cannot withdraw money and spend it freely. The trustee may provide an allowance, but they control how the money is used.
• Special Needs Trust: It can be easy to worry for a loved one who has special needs. Because they may require financial aid for most of their lives, you can work to set up a special needs trust for them. Once you have passed away, the trust’s assets will be transferred to your loved one. A trustee will oversee how the money is spent and when it is used, but the funds belong to your family member.

FAQs

Q: Is a Trust Better Than a Will in Florida?

A: There is no telling whether a trust is better than a will in Florida, as the type of estate plan that is most effective for you will depend on your situation. Each option has its advantages and disadvantages. A trust does not have to go through probate, and the details of what is contained in a trust are private. However, a will is easier to create and may cost less in terms of legal fees.

Q: What Three Decisions Cannot Be Made by a Legal Power of Attorney?

A: The three decisions that cannot be made by someone with a legal power of attorney are as follows: A power of attorney cannot change the contents of a will or invalidate it. A power of attorney cannot act outside the interests of the individual they represent or violate the terms of any nominating documents. A power of attorney cannot make decisions on behalf of the deceased once they have passed on.

Q: Is Trust & Will a Legitimate Company?

A: Yes, Trust & Will is a legitimate company and a viable online will-making service that many people have opted to use with very real results. They have been providing an online alternative to estate planning since 2017. It is considerably expensive, but it provides comprehensive options for individuals who wish to establish a last will and testament without leaving the comfort of their homes. It is considered very user-friendly and provides extensive customer support.

Q: What Are the Requirements for a Will to Be Valid in Florida?

A: A number of important requirements have to be met for a last will and testament to be considered legally valid in the state of Florida. If all of them are met, your will should be considered legally binding and enforceable when the time comes to consider it. Those requirements are that you must be a legal adult or an emancipated minor, you must be of sound mind, and you must have two witnesses sign your will.

Contact an Estate Planning Lawyer Today

Establishing a trust for your loved ones can be a difficult, time-consuming task with a variety of significant moving parts. An experienced estate planning attorney can help you work out the details, give you advice, and guide you through each step of the process.

The Law Office of Douglas A. Oberdorfer, P.A. is prepared to help you weigh your options and decide on which avenue would be right for you. To learn more about trusts and what they can do for you, contact us to schedule a consultation.