Trust Litigation Attorney Melbourne, FL
Many people in Florida and in other states assume that the only estate planning tool people have is a will. Although wills can be useful documents, there are several other tools that can protect your last wishes, including living trusts. A trust is a legally binding agreement that involves a trustee who holds the assets or property of the trust for the benefit of the beneficiary. A trust litigation attorney Melbourne, FL families trust can explain just how a living trust can be beneficial for your estate plans and which type or types you may want to consider.
A revocable trust is one that can be canceled or revoked. When a person places assets in a revocable trust, that person remains in control of those assets and can choose to remove them from the trust and use them for other purposes if and whenever they choose. A revocable trust also protects the person should they become incapacitated by injury or illness. The person remains the owner of any assets or property in the trust until they die, and the trust contents go to the beneficiary. This also means that they are responsible for any tax liability.
One of the greatest benefits of a revocable trust is that when the person passes, the assets go to the person who is named as beneficiary, thereby avoiding the probate process if the assets were to pass to the beneficiary via a will.
As a litigation attorney Melbourne, FL clients recommend can explain, probate is a legal process where a will is legally validated by the court. If someone objects to how the decedent distributed their assets in their will, they can contest the will while it is being probated. When a person uses a living trust, there is no way for anyone to object to the trust.
Another type of trust that a person can set up is an irrevocable trust. With an irrevocable trust, the person is no longer the owner of the trust contents and they do not have any control over these assets. The person cannot remove any of the assets. This also means that the person is no longer responsible for any tax liabilities of the trust contents.
While many people choose revocable trusts because they maintain control of the assets, other people choose irrevocable trusts because of the tax advantages they provide. Irrevocable trusts can also help protect your assets from any future creditors or debt. An estate planning attorney can help determine which type of trust works best for your situation.
For All Your Estate Planning Needs
If you would like to learn more about how revocable or irrevocable trusts can help you establish an estate plan that will protect your family when you are no longer here, contact Arcadier, Biggie & Wood, PLLC to schedule a free and confidential consultation with a Melbourne, FL trust litigation attorney today