Trusts Are Not Just For The Wealthy
Even though we often associate trust funds with affluence, I want my clients to know that setting up a trust with the assistance of an attorney is not exclusive to those who are wealthy. Through a trust, clients can conduct who will benefit from, as well as who or what institution manages the distribution of their estate. Depending on the trust you establish for your beneficiaries, you can continue to govern your assets during your lifetime, and your estate may be able to circumvent a drawn-out and taxing probate process.
How To Create A Trust
While creating a trust is rather straightforward, it’s still advisable for you to obtain counsel from a reliable lawyer who can guide you through the steps required by the state of Florida. At my Pensacola law firm, I, H. Frank Winn Jr., will work with you to devise a document that accomplishes what you wish to achieve with a trust. Together we can ascertain which of these categories of trusts are right for you:
- Testamentary trusts – A trust where the property is only transferred after the death of the owner
- Living Trusts – Can be devised and adjusted during the lifetime of the grantor and may continue after his or her passing
Whichever type you may choose, know that trusts are extremely flexible and can be amended with changes at any time to provide for and protect the best interests of your beneficiaries. Using a trust allows you to gift your beneficiaries with monetary payments or physical assets over a span of time, and this can be done during your lifetime or after your death.