One of the most important benefits of planning for the future is the ability to control what happens to certain assets and property after passing. Through certain estate planning tools, a Florida adult can protect assets, ensure they go to the right person and control wealth during his or her lifetime. An effective way to do that is through the addition of a living trust to an estate plan.
The benefits of a living trust
One of the primary benefits of holding assets in a trust is the fact that they do not have to go through probate. A trust gives one the ability to set aside assets for a specific purpose, and with a living trust, the person will be able to retain control over those assets up until his or her death. A living trust, known as a revocable trust, can be changed and modified at any point.
A living trust may be a prudent way to set aside assets for a minor heir or individual who would be unable to manage a large inheritance. Additionally, the person establishing the trust can name a specific person to oversee the distribution of trust assets in the future. When considering a living trust, it is critical to consider the most appropriate way to transfer assets without incurring unnecessary tax penalties.
The ideal estate plan
The ideal estate plan is the one custom-tailored to the needs of the individual creating it. In order to know what should be included as part of a complete planning strategy, it may be helpful to work with an experienced Florida attorney. An assessment of the case may reveal if a living trust would be a beneficial addition.