A trust or living trust is a legal document that is written during a person’s lifetime and typically is used to help avoid the probate process. A traditional living trust is created for the express purpose of managing the dispersal of property upon one’s death. A living trust should also protect the estate from probate proceedings.
Properly designed, a living trust can do all this plus protect financial privacy, strengthen protections against fraud and misappropriation of savings and provide protections and guidelines if one is incapacitated. The trusts designed by the O’Connor Law Firm Florida can do all this plus extend these benefits and protections beyond your lifetime to your children and grandchildren.
Establishing a Living Trust
The establishment of a living trust can save a great deal of time, money and emotional stress. A living trust is created and put in place while the “settlor” (creator of the trust) is still alive. Other trusts are established by a last will and testament and their administration only comes into effect after the settlor passes away. In a living trust, you remain the trustee and beneficiary while you are alive. The attorneys at the O’Connor Law Firm have represented clients in creating living trusts as well as other estate planning matters in the state of Florida.
A living trust is highly recommended because it helps avoid probate. Besides being less expensive and time consuming, it ensures that your wishes for your estate are passed on to a beneficiary or beneficiaries without having to endure the probate process. Our attorneys can also help you set up a bypass trust which will allow property to be passed on to someone without being subject to estate tax after you pass away. It is important to have a lawyer’s with regard to this and other tax planning needs.
Trust administration requires a great deal of knowledge about many different financial and procedural aspects pertaining to estate law. To properly administer a trust, that individual needs guidance regarding probate law, estate taxes, fiduciary income taxes as well as state and federal tax laws. The attorneys at the O’Connor Law Firm are dedicated to helping you understand the responsibilities and duties as a trust administrator and to make sure that you are covered when it comes to legal requirements.
Because a trust administrator may be dealing with many beneficiaries and there are so many things to keep track of, it is wise to have the help of a trust administration lawyer familiar with this area of probate law. If any mistakes are made or if there is the slightest hint of mismanagement, whether intentional or not, you can be held liable for any losses to the estate or tax penalties due to mismanagement. The attorneys at the O’Connor Law Firm in Clearwater, Florida have helped clients prevent such actions by ensuring proper administration occurs. Trust administrators should always have the legal support of an attorney skilled in estate planning and probate law.
Revocable Living Trust Definition
A revocable living trust is “a trust whereby provisions can be altered or canceled dependent on the grantor. During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to the beneficiaries”.
Who Needs A Living Trust?
As mentioned above the biggest reason why an individual needs a living trust is to avoid the probate process and the expenses, the inconvenience of court supervision as well as the public nature of the process that come along with it. Other reasons for setting up a living trust are to provide long term financial support for a family member such as a disabled child, as well as certain tax benefits of utilizing a trust.
Serving clients throughout the state of Florida with U.S. Legal Issues
We offer an affordable package of Living Trusts and Estate Planning services that will meet the needs of most individuals and small businesses.