Tampa Revocable Living Trusts Attorney
Tampa Living Trusts
A trust is a useful estate planning tool that allows you to manage and distribute your property before and after your death. There are many different types of trusts, and your financial goals will determine which is best for you. In Tampa, many residents benefit from revocable living trusts. This common type of trust allows you, the grantor, to distribute your property and assets while still alive. Additionally, a revocable living trust lets you dictate such distribution to your beneficiaries after you pass away.
Providing for Loved Ones
Every trust creates a legal relationship between three parties: the grantor (you), the trustee, and your beneficiaries. As the grantor, it is your property that will go into trust. The trustee manages that property until it is time to pass along to your beneficiaries. When you create the trust, you designate the beneficiaries, who will ultimately receive part of your estate. Usually, beneficiaries are family members or close friends. However, you can designate any person or even an organization as a beneficiary. Uniquely, in a revocable living trust, the grantor is also the trustee during his or her lifetime. After the grantor’s death, another trustee is appointed (this person is designated by the trust document).
One of the many benefits of a living trust is providing for your loved ones. Since a living trust is drafted and enacted during your lifetime, you have full control over which beneficiaries receive specific property. Additionally, you can change your beneficiaries and/or the distribution at any time. This allows you a great deal of flexibility, while also providing clarity for any future distribution.
Other Benefits of a Living Trust
A major benefit of a living trust is avoiding probate. Probate is a legal process during which the courts administer a will. In Florida, any property included in your living trusts is not required to undergo probate. This often results in less familial conflict over an estate, and can speed up property distribution.
Another benefit of your living trust is the ability to designate a trustee in case you become incapacitated. If that happens, that person will have the authority to manage your trust. He or she can pay your medical bills from the trust, and provide for your family’s financial needs while you are unable to make these financial decisions. Without a living trust, a court may appoint a guardian of its own choosing to handle your finances. Your revocable living trust gives you a lot of control over your present and future financial situation, as well as your family’s financial future.
Contact Experienced Wills and Trusts Lawyer
Creating and executing a trust can be a complicated process. Even though trusts are designed to make your life easier, putting the trust together is complex. The law dictating trusts in Florida is equally complex. It can be tempting to create a trust without the help of an experienced lawyer. However, this may cause more problems than are solved. Instead, contact David Toback, Attorney at Law. For nearly two decades, he has given helpful, informed legal advice to clients throughout Tampa. If you are considering distributing your assets through a trust, contact David Toback today at (813) 231-6036.