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Ponte Vedra Trust Lawyer

With proper estate planning, you can ensure that your assets are divided and distributed as you wish. Trusts are one way in which you can distribute your assets in a structured and specific way that also can allow your estate to bypass probate. Working with a Ponte Vedra trust attorney from the Law Office of Douglas A. Oberdorfer, P.A., can help you plan for your family’s future by establishing a trust that meets the specifications you’re seeking.

With our estate planning lawyer, you gain the benefit of more than 20 years of experience in helping clients plan for the future. By planning your estate and creating trusts before you pass away, you can gain peace of mind, knowing that you have planned for the inevitable future and provided support for your loved ones.

What Is a Trust?

A trust is a legal fiduciary agreement that a person, known as the trustor, establishes with their designated trustee, the individual responsible for overseeing the assets and the trust, in order to specify how certain assets are to be distributed to beneficiaries. Through a trust, benefits are distributed to beneficiaries when certain terms are met. These could include when the beneficiary reaches a certain age, when a specific life event happens, or another designation.

This is not necessarily for everyone, but a common misconception is that they are only for those with substantial wealth. The benefits of a trust allow for purposeful planning of assets for a variety of estate situations. These could include planning for a dependent with a disability, avoiding probate, planning for specific tax scenarios, and more.

What Are the Four Types of Trusts?

Floridians interested in establishing a trust can choose from several different kinds, but there are four main categories of trusts. The four main types of trusts include:

  • Living trusts. A living trust is a common and popular option for many. In a living trust, the creator of it, the trustor, often serves as the trustee during their lifetime and names a successor trustee for when they pass. This allows the trustor to make changes to the trust at any time so that they can plan for the future of a dependent or other beneficiary. Another benefit of living trusts is that the assets within them can bypass probate.These trusts are common for those who prefer to keep their estate private, want to avoid probate, or have dependents or family members with a disability who need structured payments to ensure their quality of life.
  • Irrevocable trusts. These types of trust are less common and involve a few more rules. Once this type of trust has been established and funded by assets, it cannot be changed. These types of trusts can serve many purposes, but most people who create irrevocable trusts are seeking to avoid creditors, use their estate as a gift, or plan for Medicaid.
  • Charitable trusts. These types of trusts are useful for those who are seeking a way to provide for nonprofit organizations to receive part of their estate. This type of trust reduces the tax burden on the estate or could avoid taxes altogether.
  • Insurance trusts. Life insurance is important coverage that many people obtain or are provided through their employer in order to help loved ones with expenses after they pass. Under an insurance trust, the trust purchases the life insurance policy, which then makes it not part of the trustor’s taxable estate. This can help avoid future taxes on the income from the policy. This is a type of irrevocable trust, so changes cannot be made.

Knowing which type of trust may be right for you is a conversation to have with a knowledgeable and experienced attorney. Our team can evaluate your situation, offer suggestions on which may be the right type of trust for you, help you prepare the documents, and file your paperwork to ensure your wishes are carried out.

FAQs

Q: How Much Does a Trust Cost in FL?

A:  In Ponte Vedra, Florida, the costs associated with your trust will vary depending on several factors. The type of trust you wish to establish, as well as the value of your assets, will play a role in how much it may cost. On average, a trust can cost up to $3,000 to set up. Factors that could impact cost include the attorney fees, how many trustees may be named in your trust, and any other industry professionals involved, such as an accountant.

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

A: Trusts allow not only the structured disbursements of assets but also provide the trustor and their family a greater sense of privacy. A will must go through a probate process, and court records are public records. However, a trust is not subject to probate, which means it cannot be made public. Privacy is one of the main factors considered for those setting up a trust.

Q: Should I Put My House in a Trust in Florida?

A: Placing real estate property, including your home, into a trust could yield you many benefits. By placing this asset into your trust, you could enjoy many tax benefits, as well as confidentiality, by avoiding probate. If you are considering placing your home into a trust, be sure to share the details with your attorney, who can guide you through the process.

Q: Does a Trust Avoid Probate in Florida?

A: One of the benefits of establishing a living trust is that you can avoid the probate process. By eliminating the need for probate, the process for your family, heirs, and other beneficiaries can be made easier. This can be a particular advantage when you have a more complex family dynamic or when you have many assets you wish to protect.

Get Legal Support from the Law Office of Douglas A. Oberdorfer, P.A.

Trusts provide many benefits for those who wish to establish one. From tax benefits to planning for the financial future of dependents with disabilities and keeping your estate private by avoiding probate, you can help those important to you by creating a trust. For all of your trust needs, contact the experienced attorney at the Law Office of Douglas A. Oberdorfer, P.A. Our team has your interests in mind.

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