,

Families in Port St. Lucie may find that a trust is the best way to distribute money and property

Port St. Lucie, FL – A family may want to choose certain estate planning instruments depending on the size of their estate, their personal situation, and various other factors that should be considered while doing any kind of financial planning. 

The basics of a trust

A trust is one of the most common ways that a person can meet their goals to distribute money and property to family members, charities, or any other entities named in the trust. The added benefit of a trust is that the person who sets up the instrument can modify its terms at a later time and they can have it begin to work while they are still alive, unlike a will. 

At its most basic level, a trust is an arrangement where a person known as a trustee holds money or property for the benefit of other parties listed in the trust document. The trustee will generally hold legal title to the items that are in the trust, but equitable title, which includes the right to actually use the money and assets, that goes to the beneficiaries. The trust also provides various legal protections, to ensure that the money and property held by the trustee is actually distributed to the individuals and entities named in the document, rather than possibly being used or confiscated by outside interests. 

Uses of a trust

Despite this simplistic definition, a trust is very useful for people in all kinds of financial situations, and it can accomplish many goals, including use as a will substitute. Trusts have been used to distribute property before and after death, take care of elderly and sick family members, and even for wealthy families to give money to relatives and charities if they know that they will not need all of their assets. 

Consulting with an estate planning professional

There are some law firms that dedicate an entire practice to estate planning and related issues. Legal advice may be necessary if a person is deciding if a trust, will, or other instrument would best meet their needs. There is also the possibility that a person setting up their estate will overlook certain legal problems that will only be noticed by a trained professional. Regardless of the purpose of a trust, it is always best to have a professional review the estate plan for issues. 

Getting legal advice before making estate plans

People who are planning to consult with a lawyer about estate and property issues can meet with a firm in the Port St. Lucie area. The Estate, Trust, and Elder Law Firm handles various matters related to trusts, wills, and other ways to distribute property.  

Firm contact info:

The Estate, Trust, and Elder Law Firm

850 NW Federal Highway, #1004, Stuart, FL 34994

772-261-8556

www.etelf.com

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *