Trust Administration Lawyers Melbourne, FL
When you are thinking about planning for your future, you might benefit from consulting the trust administration lawyers in Melbourne, FL, such as those from the Law Offices of Arcadier, Biggie & Wood.
Planning out what will happen to your estate after your death is not something to take lightly. Anything that is not fully understood, or rather, could be questioned by the Florida court could result in a drawn-out, costly, legal battle. Did you know that a will is not always enough for an estate? On the other hand, are you aware that a trust might save you and your loved one thousands of dollars in taxes? What happens if you don’t feel comfortable naming a trustee? All of these considerations must be thought about during the estate planning process. For this reason it is a good idea to ask trust administration lawyers in Melbourne, FL to help you.
The Law Offices of Arcadier, Biggie & Wood, has years of experience in estate planning and trust administration Melbourne, FL residents should think about. We are happy to explain to you your best options as well as guide you through the necessary steps. To learn more, give us a call today.
A will is an important document that describes how descendants should deal with your property, who gets what, and also contains various directives. Because of various legal proceedings that must be carried out before the terms of a will can be abided by, a will is not always enough for an estate.
As a trust administration lawyer in Melbourne, FL might explain to you, a trust is similar to a will because it can discuss how you would like your property and assets to be distributed after your death. The following are some of the benefits, as well as, certain disadvantages:
Benefits of a Trust
- A trust can minimize taxes
- A trust can transfer property and assets
- Assets can be held and managed for minors
- A trust does not go through the probate process
- You can be very precise with your wishes
Disadvantages of a Trust
- A trust takes time to set up
- You will likely need to have various documents drafted or drawn up
- A trust costs much more than a will – initially
As leading trust administration lawyers in Melbourne, FL, we can help you to maximize the time spent in the creation of your trust.
Ensuring Your Trust is Properly Administered
When you create a trust you will have to name a trustee. This person will be held to the highest standard in terms of their duty of care, loyalty, and ability to manage the trust on behalf of the named beneficiaries. In the event of a trustee not adhering to these duties, he or she could be held personally liable. For example, a trustee must:
- Ensure all assets are documented
- Notify beneficiaries
- Must manage any business interests or financial investments
- File and pay taxes
- Manage the terms of the trust
- Ensure fiduciary duties are discharged
As a trust administration lawyer in Melbourne, FL, we not only assist in drafting trusts, but we also help trustees during the administration process. For assistance with these things, and more, call the Law Offices of Arcadier, Biggie & Wood.