Achieve Your Estate Planning Goals With A Trust
Individuals and families from all economic backgrounds find that trusts are a relatively straightforward and effective estate planning tool to provide for family members, loved ones and charities. The benefits of a trust go beyond those provided by a will alone.
Estate planning attorney Ryan M. Mynard works with families throughout Florida to create and maintain trusts that protect assets, provide for beneficiaries, and, in some cases, avoid taxes.
A Trust Lets You Pass Wealth Outside Probate
With a will, a person’s assets are designated to be given to certain beneficiaries upon passing, but many estates have to go through the probate process when there is only a will in place. This means that an administrator will have to be appointed to manage the distribution process; probate attorneys may need to be retained; and a judge will need to oversee the entire process, which can involve court hearings and delay.
A trust works outside the probate process. With a trust, an individual will transfer assets into the trust now, and, upon passing, those assets will pass directly to the named beneficiaries of the trust without the court needing to be involved. This typically results in less cost and delay — and avoids litigation.
In addition, because the assets will not pass through probate where personal matters become public record, a trust provides for additional privacy in transferring your assets.
Types Of Trusts
Trusts fall into two main categories: revocable trusts and irrevocable trusts.
With a revocable trust — often called a living trust — you can create the trust now to benefit someone else, but you also have the option to take property back out of the trust for your own benefit should you need to do so.
With an irrevocable trust, however, you cannot later retrieve the assets from the trust without the agreement of all beneficiaries. In creating an irrevocable trust, you are essentially transferring the property now so that it is no longer considered yours. That means the assets in the trust can be protected from any creditors you may have. An irrevocable trust can also help your loved ones avoid estate taxes.
A comprehensive estate plan may include one or more trusts — revocable or irrevocable — with the goals of preserving wealth and providing security and stability for the beneficiaries.
A special needs trust is one way to ensure that a loved one with special needs is provided for while retaining government disability benefits.
A Trust Can Ensure That Your Intentions Are Honored
A trust allows you to provide direction on specifically how assets should be used by the beneficiary. In contrast, a will simply states that your property should go to an heir, with the result that your property can ultimately be disposed of however the heir sees fit. A trust allows you to appoint a trustee who will manage the assets in the trust on behalf of the beneficiary pursuant to your wishes.
For example, you may want to create a trust that will provide for educational expenses for your children, but not be used for other purposes. Or you may want to benefit a charitable organization and have the organization use your assets for a specific purpose.
At Ryan M. Mynard, Attorney at Law, P.A., we can help you create a trust for your specific goals and circumstances.
Schedule An Appointment With A Florida Trusts Lawyer
To start the process of creating or updating a trust — or to speak about any estate planning concerns you may have — please call us in Crestview at 850-634-4656 or contact us via email. We would be honored to speak with you about your goals and concerns.