Tampa Trusts Attorney
When most people consider estate planning, their first thought is to write a will. A will is a legal document that allows you to designate how your property will be distributed after your death. While wills are an important part of estate planning, they are not the only option. Creating a trust can also be beneficial to both you and your family. The best way to ensure proper estate planning is to consult an experienced Tampa trust attorney. If you live in the Tampa area, contact trust attorney David Toback today and discuss the possibilities.
- Charitable Remainder Trusts
- Defective Grantor Trusts
- Dynasty Trusts
- Grantor Retained Annuity Trusts (GRATs)
- Grantor Retained Income Trusts (GRITs)
- Irrevocable Life Insurance Trusts/Crummey Trusts
- Personal Residence Trusts
- Qualified Terminable Interest Property Trusts (QTIPs)
- Revocable Living Trusts
- Section 2503(c) Trusts
Legally speaking, the term “trust” describes an obligation of a third party to hold your assets for a future beneficiary. In other words, when you create a trust, you will designate someone who holds onto your property until it is time for your beneficiary to receive that property. This third party is called a trustee. He or she is legally responsible for the property or assets included in the trust. Your trust will dictate when the trustee give those assets or property to your beneficiary. Often, beneficiaries include spouses, children, or grandchildren. However, you can name any person or entity as a beneficiary of your trust.
There are multiple types of trusts, such as living trusts, charitable trusts, personal residence trusts, and more. An experienced Tampa trust attorney can help you sort through these options, and figure out what works best for you.
Tampa Trusts vs. Wills
There are three main differences between wills and trusts:
- When it goes into effect;
- The administrator; and
- The probate
A will can only take effect after your death. With a trust, you can designate when your beneficiaries receive property and assets. Depending on the type of trust, it may take effect during your lifetime, or after death. Trusts provide more flexibility in these choices. Also unlike a will, a trust involves a third party who will hold your property and distribute at a time of your choosing. Finally, wills often have to go through probate, which is a court-administered process of distributing the decedent’s assets. This can be a lengthy and expensive process. You can avoid probate through a trust.
A common misconception of trusts is that they only benefit very wealthy people. The reality is that regardless of the size of your estate, a trust could help you and family. Some benefits you gain through creating a trust may include:
- Avoiding probate;
- Supporting loved ones with illnesses or special needs;
- Flexibility in estate planning;
- Assurance of a trustee;
- Reducing potential for court battles; and
- Distributing property/assets before your death.
Experienced Tampa Wills & Trusts Attorney
Thinking about the future after you are gone can be difficult, and your options can be complicated. What is best for you and your family will depend on your specific situation and financial goals. For over 17 years, David Toback, Attorney at Law has helped Tampa residents through the estate planning process. He will clearly explain your choices, and work closely with you to draft your trust. Instead of putting off your family’s financial future, plan it with the help of David Toback. Contact our Tampa trust attorney today to schedule your consultation.