,

Variations of Trusts in Palm Beach, Florida

When a person wants to establish the details of how their assets are distributed and managed, they need to set up a proper trust. Trust administration ensures a person’s assets are managed the way they were written out in the agreement terms. Anyone who wishes to have their trust properly handled should speak with a trust administration attorney as soon as possible.

The individual who is creating the trust is known as the ‘settlor’ and the individuals responsible for managing the trust are called the ‘trustee’. The beneficiaries are the individuals who receive benefits from this trust. From these three individuals, it is the trustees that are responsible for legally distributing the assets and dealing with other responsibilities such as the financial aspects of the estate.

The trustees are responsible for making sure that the wishes of the deceased are followed, and it is integral that a person works with an experienced lawyer who has dealt with probate and trusts in the past. Working with a lawyer is so important because it reduces the chances of making a serious legal mistake and it also helps a person gain confidence that they are following the correct legal protocol while protecting their assets.

Some of the main purposes of trusts include:

  • Providing care for children
  • Providing income to those with disabilities
  • Avoiding estate and probate taxes

When categorizing trusts, they can be divided into revocable and irrevocable. This means that the trust can either be canceled or be fixed by the grantor so no one can cancel or change it once it has been decided.

Common variations of trusts include living trusts, testamentary trusts, domestic asset protection trusts, and special needs trusts. The living trust is the most common and it entails how one’s assets should be managed while they are still alive and also how their assets should be distributed after they die.

Getting in touch with a trust attorney in Palm Beach Florida

A trust attorney can advise a person on what steps they need to take to ensure their wishes are honored regarding their estate. They can also go a step further and help with trust litigation issues if matters get very complicated. Trust litigation may be required if there is some form of fraud or ambiguity involved. It may also be needed if there is a case of trust mismanagement.

Speak with a trust attorney at Moran and Associates to get legal help today.

Reach us at:

Moran & Associates

2875 South Ocean Boulevard, Suite 200

Palm Beach, FL 33480

561-578-8639

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 *