What is the Point of a Trust?

While a revocable living trust is a good estate planning option for many, it is not necessary for everyone. At Wildoner Law, PLLC, when we meet with you to discuss your estate planning goals and options, we often discuss with you whether a trust is a good fit for your unique situation.

A trust is a legal document that is set up to protect your assets and ensure they are distributed in accordance with your wishes. A trust can be created to save time, reduce paperwork, protect your privacy, and/or reduce taxes.

A Trust Can Help Avoid Probate

First, when properly drafted and funded, a trust can avoid probate. This often means that your beneficiaries may gain access to the assets within your trust quicker than they may otherwise be able to if your assets are transferred via a will. In addition to timeliness, a trust can help save costs by avoiding probate court. In Florida, most estates need an attorney to help probate the assets – this can quickly add up and result in additional costs you were not expecting, thereby reducing the assets available to your beneficiaries.

A Trust Can Give You More Control

When properly done, a trust allows you to specify the terms of distribution under more precise measures than a will often does. You can control when and to whom distributions are made. A revocable living trust also allows you to retain control and benefit over assets during your lifetime while passing them onto an heir or beneficiary after your passing.

A trust can also help protect your estate from your heirs’ creditors – or spouses. It can also help protect your assets from a beneficiary who may not be the best at managing their funds.

Florida Estate Planning Attorney

If you are in Florida and are interested in discussing estate planning and whether a trust is a good fit for your estate plan, contact us today. If you are ready to get started on your Florida estate plan, you can do so here.