Flagler Beach Trust Attorney

Trust Lawyer in Flagler Beach, FL

Establishing a trust can be an excellent way to protect your assets and ensure your property goes where you want it to after your death. Trusts usually don’t have to go through probate, and they offer a level of privacy not seen with wills. They can be complicated to set up, though, so you’ll need the help of a skilled Flagler Beach trust attorney.

Turn to the Law Office of Douglas A. Oberdorfer, P.A.

If you’re looking for a reliable trust attorney to help you make essential decisions regarding your estate plan in Flagler Beach and draft the documents required to implement it, you can turn to the Law Office of Douglas A. Oberdorfer, P.A. Our team is intimately familiar with trust laws and how to apply them to different situations.

Whether you want to set up an irrevocable living trust or a more focused fiduciary arrangement, we can help. We have assisted many clients in Flagler Beach and the surrounding areas and are ready to handle your specific requirements as well.

Why Hire a Trust Attorney?

Around 13% of Americans have living trusts established. Trusts are most popular among older people, which explains why Florida, with 21.3% of its population over 65, is interested in them. Communities like The Villages, combined with the warm weather, make the Sunshine State a popular retirement destination.

You don’t have to be a retiree to establish a living trust. Anyone with significant assets should hire a trust attorney to help them determine how to protect them should they die or become incapacitated. Your trust lawyer can help you determine which type of trust can offer the most effective way to transfer assets, given your unique situation and beneficiaries. They can then prepare all the necessary documents to ensure they meet legal standards.

How Trusts Work

Trusts are legal entities that make it easier to manage and transfer money and property. Grantors transfer ownership of assets to the trust, which then belongs to the trust itself instead of the grantor or trustee. The trustee holds the title to any property in the trust for the beneficiaries’ benefit.

If you plan to establish a living trust, you’ll be the trustee until your death. At that point, a successor trustee that you’ve appointed can take over the management of the trust and ensure that assets are distributed appropriately. Trustees can’t just do whatever they want with the assets. They have to follow the terms laid out in the trust document.

Types of Trusts

There are various types of trusts available in Florida. Four primary categories of trusts are:

1. Living trusts. Also referred to as inter vivos trusts, living trusts are commonly drafted and remain active during the grantor’s lifetime.
2. Testamentary trusts. Testamentary trusts are only formed after the grantor’s death.
3. Revocable trusts. Revocable trusts can be revoked or altered by the grantor.
4. Irrevocable trusts. Irrevocable trusts can’t be revoked or altered by the grantor after they have been implemented.

Revocable living trusts are common estate planning documents. They allow the grantor to serve as the initial trustee and transfer property to and from the trust during their lifetime. Upon the grantor’s death, the revocable trust becomes an irrevocable trust.

Focused Trusts

There are some types of trusts designed to benefit specific people. They can include:

• Special needs trusts
• Generation-skipping trusts
• Spendthrift trusts
• Charitable trusts
• Pet trusts
• Asset protection trusts
• Constructive trusts

Each of these trusts is designed to benefit a certain type of beneficiary. Special needs trusts are for people with mental or physical disabilities, while asset protection trusts can be established for people who struggle with addiction or other causes of irresponsible spending. If you’re not sure what type of trust to set up, ask your attorney for advice.

FAQs About Trust in Flagler Beach, FL

What Is the Average Cost to Set up a Trust in Florida?

There is no average cost to set up a trust in Florida. Every situation is different. Your trust can cover different assets from another person’s, and it could even require the drafting of a completely different type of document. There’s a large difference between a special needs trust and a charity trust, for example. You can determine how much you should expect to pay by contacting a Flagler Beach trust lawyer.

Do You Need a Lawyer for a Trust in Florida?

You do not technically need a lawyer for a trust in Florida, but it’s a good idea to have one. Your documents must be drawn up properly to be considered legally viable. Your lawyer can help you draw up legally binding documents and determine the right type of trust or trusts to meet your specific needs.

Who Controls a Trust After Death?

The successor trustee controls your trust after your death. This person can step in immediately to manage and distribute assets, eliminating the need for probate court. Your successor trustee can pay taxes, distribute property, and settle debts on the trust’s behalf. They may have immediate legal authority over all assets, but a revocable living trust becomes irrevocable upon a person’s death, which means they can’t change the beneficiaries or terms.

What Are the Disadvantages of a Trust in Florida?

The primary disadvantage of a trust in Florida is that it costs more to establish a trust than it does to draft a last will and testament. It takes time and significant effort to set up and fund a trust, and you really do need the help of a dedicated lawyer to get the process right. Trusts can also be complex to administer, requiring higher ongoing costs.

Your Flagler Beach Trust Attorney

It doesn’t matter whether you need to establish a basic living trust or draft a more focused document, such as an asset protection trust. You need the help of an experienced Flagler Beach trust attorney. You can turn to the team here at the Law Office of Douglas A. Oberdorfer, P.A., to help. We have years of experience with drafting trusts and tackling difficult estate planning situations. We can help with your trust case, too. Contact us to schedule an initial consultation today.