As people age, they start to think about how their wealth will be distributed when they die. While a simple will works for some families, it is always important to consider other options that make work more effectively in your situation, such as setting up a trust.
People living in Florida can follow some simple steps to contact a lawyer and set up a trust to avoid inheritance disputes later on.
What is a trust?
A trust is essentially a legal instrument that can distribute money, assets, and property at various intervals. It functions almost like an advanced form of a will, but the person who creates the trust does not have to wait until death before the trust can start to distribute their wealth. It can also be changed by the testator if necessary as life circumstances change.
Starting a revocable trust in Florida
Any person has the ability to start a trust while they are still alive to avoid the probate courts or other common inheritance problems that can waste time and money. The best way to start this process is to get in touch with an attorney who focuses on estate planning and probate issues. You will need to either appoint yourself as a trustee or someone else, and give information about possible successors if you die or no one else is available to manage the trust on your behalf.
The person creating the trust should make a list of all of the assets that they expect the trust to distribute and some kind of general timeline regarding how the assets will be paid out. A trust is a flexible document, and time intervals can trigger certain payments, or property and money can be distributed at crucial milestones such as a marriage or death. Many people setting up a trust also create a will at the same time that will handle any assets not included in the trust.
Beneficiaries are an important part of the trust creation process. Your lawyer should know who they are, where to find them, and how much of your estate they should receive. If the person cannot be located, this may create problems later. You can start with a general outline, but keep in mind that trusts can be changed while you are alive so the initial setup does not have to be permanent.
This is just a brief overview, and it is always important to contact a licensed lawyer before making any important decisions. You can do some basic planning and brainstorming on your own, and then discuss the associated legal procedures with your lawyer.
Get assistance with trusts and estate planning issues
There are attorneys who handle trusts, estate planning, wills, and other related issues in the state of Florida. To learn more, contact a professional at:
850 NW Federal Highway, #1004, Stuart, FL 34994