Having a trust is the best way to avoid your assets going into probate proceedings after your death. A trust holds and manages your assets and property and is part of a comprehensive estate plan that a Trust Lawyer Lakewood Ranch FL can help you set up.
There are a few different types of trust you might be interested to learn about. A living trust is established when you are still alive. Living trusts can be revocable and irrevocable. A testamentary trust is set up by the will after your death, and the trust agreement, or declaration of trust, is the actual physical document that establishes a trust.
Benefits of a Trust
There are many benefits of a trust that your trust lawyer Lakewood Ranch Fl can help explain to you, but a few of them include,
- Avoiding Going to Probate
- Avoiding paying taxes or delaying paying taxes
- Protecting your assets from being taken by creditors
- Creating privacy around your assets and property
- Having control over what happens to your assets after your death
- Can qualify you to receive income dependent benefits such as Medicaid should you need long-term or end-of-life care.
- A trust can provide continual financial support for children or dependents with disabilities while still allowing disabled individuals to collect SSI or other government benefits.
Trusts are also very beneficial in speeding up the amount of time it takes to settle someone’s affairs. A trust has already been validated and doesn’t need to go through probate court as a will must. However, trusts are a little harder to make changes to, whereas living wills can be revoked and modified while you can make your own sound decisions and are living. Some people also like the ease of a living will, which distributes all of your assets rather than just those placed in the trust. Having a trust lawyer Lakewood Ranch Fl is the best way to determine which is best for you.
Let an elder law specialist help you determine whether a trust or a living will is best for you. Call The Law Offices of Kimberly K. Muenter, P.A., and set up your consultation at 941-260-2603.