Trust Planning Attorneys Helping Stuart Families Protect Their Assets And Legacy
Every person and married couple should have a simple estate plan, at the very minimum. Other people and families stand to benefit from more complex estate planning tools, such as trusts. At Bostwick & Fields PA, our attorneys provide guidance and assistance to individuals and families in Stuart, Florida, and across the Treasure Coast and beyond with all kinds of estate planning tools, including wills and trusts.
How Trusts Can Benefit Your Florida Estate Plan
A trust is a legal tool in which property and assets can be held for your own future or the benefit of your heirs. Trust documents detail exactly how the trust is funded and the terms of the distribution of the trust. While trusts may not be right for everyone, they can be a reliable way of protecting assets and avoiding future estate taxes.
Wills and trusts are both means to dispose of your assets upon your death. However, trusts can help resolve a number of additional issues. If you own a closely held or family-owned business, or if you are entering into a second or subsequent marriage and want to ensure that your children from a previous union are properly provided for, a trust can help you accomplish many of your goals.
Many clients throughout Florida can benefit from a revocable living trust. A revocable living trust can help you manage your assets and plan for incapacity. Additionally, assets placed in a trust are not subject to the probate process. We also help clients who need a strategy to avoid any estate tax issues. We are able to assist in all types of asset protection, including:
- Special needs trusts
- Marital trusts
- Credit shelter trusts
- Life insurance trusts
- QTIP trusts
The Three Key Roles In A Trust
Many delay creating a trust because the legal terminology feels overwhelming. In reality, every trust revolves around three clearly defined roles, each with a specific responsibility.
- Grantor: The person who creates the trust and decides which assets will be placed into it, along with the rules for managing and distributing those assets.
- Trustee: The individual or institution responsible for managing the trust according to the written instructions. The trustee has a legal duty to act in the best interests of the beneficiaries.
- Beneficiary: The person, family member or organization that receives the trust property according to the terms established by the grantor.
With many revocable living trusts, the grantor also serves as the initial trustee, maintaining full control over the assets during life. A successor trustee is named to take over if the grantor becomes incapacitated or passes away.
Why Funding Your Trust Is Just As Important As Creating It
A trust document alone does not control your assets. One of the most common estate planning mistakes is creating a trust but never transferring property into it.
Funding a trust means legally changing ownership of selected assets so they belong to the trust rather than you individually. Depending on your circumstances, this may include your home, bank accounts, investment accounts, business interests or other valuable property. Some assets, such as retirement accounts or life insurance policies, may instead require updated beneficiary designations rather than transferring ownership.
Assets that remain outside the trust may still need to pass through probate, reducing many of the benefits a trust is intended to provide. Reviewing titles, deeds and financial accounts after the trust is signed is an important step that helps your estate plan function the way it was designed.
Privacy Vs. Public Record: An Important Advantage Of Trusts
Most people focus on probate avoidance when comparing wills and trusts, but privacy is another important consideration.
When a will is submitted to a Florida probate court, it generally becomes part of the public record. Information about the estate, beneficiaries and many court filings may be available for public inspection. For some families, that level of disclosure is an unnecessary loss of privacy.
A properly funded trust generally allows assets to pass directly to beneficiaries without becoming part of the public probate process. For individuals and families in Stuart and throughout the Treasure Coast, this means financial affairs, property distributions and family decisions typically remain private. Along with reducing delays and administrative burdens, that added confidentiality is one reason many people choose trusts as part of a thoughtful estate plan.
Schedule A Consultation With One Of Our Lawyers Today
To get answers to your questions, including “what is a trust” and “how can a trust benefit my estate,” contact us online or call us at 772-600-4203. We offer reasonable rates and are a member of the AARP Legal Services Network.