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Setting up a trust in Florida has a number of important advantages

Vero Beach, FL – Trusts are one of the most versatile ways that people can begin an estate plan and manage their finances for the future. This is essentially an instrument that can begin to distribute property and money to people and other entities. The process can start during the testator’s life and continue after their death or end when other conditions are met. A trust is beneficial because of its high degree of control and versatility, which is not present in many other legal instruments related to property and inheritance. 

The definition of a trust

The trust instrument has certain legal authority over assets that the testator has allowed to be managed by a trustee. These assets can include various kinds of personal and real property, money, investments, and they all may be paid out to individuals, businesses, or charities at certain intervals. This can be set up as a condition in a will, but many people choose to start a living trust while they are still alive as part of their larger estate plan. These kinds of living trusts can also gradually give money and assets to family members who will eventually inherit the items, rather than moving it all at once after death through a will. This also avoids fees, taxes, and other issues that make probate court undesirable for some people and families.  

Benefits of trusts versus other documents

A trust will keep a family’s financial status and other private matters out of the public eye, as probate courts will maintain public records of the execution of a will that can be accessed by others. Certain family members may also try to contest a will in probate court. 

When the testator starts to experience mental health issues or health problems due to advanced age that make management of their finances or the trust impossible, a trust is still very useful. Usually a trustee or other person will have instructions created in advance that dictate what should be done. 

Related estate planning concerns

In addition to trusts, it is possible to draft a will, make advance healthcare directives, and engage in other forms of financial planning that are important for a person’s estate management. If the testator wants, they can have a trust along with several of these other estate planning documents working in concert to accomplish all of their family and charitable goals. 

Getting more info about trusts and property distribution

The Estate, Trust, and Elder Law firm is available to handle creating and maintaining trusts and related estate planning matters. Local clients in the Vero Beach area can contact a licensed attorney at the firm for more information. 

Firm contact info: 

The Estate, Trust, and Elder Law Firm

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

772-261-8556

www.etelf.com

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