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Orange Park Trust Lawyer

Setting up a trust can be a great way to manage your assets long-term. Trusts come in various forms, each serving different purposes, which is why it’s crucial that you talk with a skilled trust lawyer who can help you create one properly. Whether you’re looking to create a trust in Orange Park today or you’d like to learn more about how they work, consult one of our knowledgeable Orange Park trust attorneys today.

Orange Park’s Estate Planning and Trust Firm

The team at the Law Office of Douglas A. Oberdorfer, P.A. carries more than two decades of experience providing individuals with estate planning and probate law services. We can help you and your family implement and manage a trust that’s designed to achieve your specific goals. Our team can assist you in navigating complex trust laws to protect your assets and ensure your wishes are fulfilled.

Our estate planning attorney regularly help clients create estate plans that use trusts, including revocable living trusts, irrevocable trusts, pet trusts, Medicaid protection trusts, special needs trusts, and more. For experienced legal aid in the estate planning process, you can count on our team.

What Do Trusts Do?

A trust can be created either while you are alive (inter-vivos) or after you’ve passed away (testamentary trust.) It can be created through a written document that outlines which assets you’d like to be put into a trust, how they should be protected, and how they should be distributed. The main benefits of forming a trust include:

  • Save Time and Money: Trusts speed up and reduce costs for your beneficiaries because they avoid probate.
  • Increased Privacy: While wills are entered into public records, your wishes regarding the distribution of your assets remain private with a trust.
  • More Control and Flexibility: Trusts provide you with control over your estate by letting you specify how and when your assets are distributed.
  • Increased Protection: Certain trusts can protect your assets from creditors and lawsuits.
  • More Aid for Beneficiaries: Trusts help support minor children, people with special needs, or those who you believe might need some help with managing the inheritance they receive from you.
  • Avoiding Guardianship: If you become incapacitated, your successor trustee will manage the trust’s finances, preventing the need for court-appointed guardianship. This ensures that someone familiar with your wishes handles decisions.

The Different Types of Trusts in Florida

There are various types of trusts that can be formed in Florida, each of which serves a different purpose. Common trusts include:

  • Revocable Living Trust: With a revocable trust, you can retain power over all of your assets and property during your life, or you can amend or revoke the trust whenever you want.
  • Irrevocable Trusts: Once created, you cannot change or erase an irrevocable will, which can give you some tax advantages and asset protection.
  • Special Needs Trust: SNTs are designed to provide for a beneficiary with special needs while protecting the beneficiary’s eligibility for Medicaid benefits. This type of trust allows the beneficiary to have access to funds without being disqualified from ongoing benefits from the government.
  • Charitable Trusts: Charitable trusts let you support a good cause and get possible tax benefits.

Understanding the Role of a Trustee

When you set up a trust in Orange Park, you must assign someone to hold, manage, and eventually distribute assets to beneficiaries. This person is known as your trustee. Generally speaking, when you create a trust, you are transferring the ownership of the assets within that trust to someone else. That person, also known as your trustee, will then protect your assets until it’s time for them to be administered.

Requirements for a Valid Trust in Florida

For a trust to be legally valid in Florida, it must meet several requirements:

  • Intent: The grantor must have the intention to create the trust.
  • Funding: The trust must be funded with assets transferred to the trustee.
  • Trustee: The trust must have a trustee who manages the trust assets.
  • Beneficiary: There must be identifiable beneficiaries who will benefit from the trust.

FAQs

Q: Do You Need an Attorney to Create a Trust in Florida?

A: While you don’t legally need an attorney to make a trust in Florida, speaking with a knowledgeable estate planning attorney can help ensure that a trust is well set up, legally valid, and tailored to your needs. If you don’t work with a lawyer, it can be easy to misunderstand laws or make small mistakes that make your trust invalid. An attorney can also provide you with insight into what suits your situation and your unique needs.

Q: How Much Should a Trust Cost in Florida?

A: The cost to create a trust in Florida varies based on the complexity of your trust, the attorney’s fees, and the relationship you have with your lawyer. Simple, revocable living trusts typically cost less than complex trusts. Additionally, some people choose to pay additional legal fees for future trust administration. An attorney can evaluate your needs and give you a more specific quote if you are interested.

Q: What Are the Disadvantages of Forming a Trust in Florida?

A: Besides the higher expense of creating a trust versus making a will, trusts also typically have associated management and administrative costs on an ongoing basis. Additionally, some trusts, such as irrevocable trusts, can’t be changed or terminated easily. An attorney can help you weigh the pros and cons of forming a trust in Florida.

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

A: In Florida, a valid trust must have the grantor’s intent to create the trust as well as funded assets, a designated trustee, identifiable beneficiaries, and, typically, a written document confirming these details. The trust must comply with state laws, which is why working with an attorney is essential.

Contact an Orange Park Trust Attorney

The Law Office of Douglas A. Oberdorfer, P.A. is here to help Orange Park residents accurately and legally prepare trusts. We know that estate planning is never easy, which is why we’re prepared to offer compassionate and educated support throughout the process. When your trust is ready, you can rest assured knowing that your assets and wishes will be carried out.

Contact us today to learn more about forming trusts in Florida.

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