If you have a family, you’ve probably considered leaving your assets and wealth to them in the event of your passing – or perhaps you’ve been the beneficiary of a deceased relative’s wealth. In legal terms, this is known as long-term wealth protection, under a branch of law called trust law: a specific aspect of estate planning.
While no one likes to contemplate their demise, it will save your surviving kin a great deal of headache and further heartache when your desires are made known. Otherwise, your relatives could end up in probate court, a lengthy and expensive process to determine the fate of your assets.
The legal team at Handin Law has over 50 years of experience helping families like yours develop living wills, trusts, and settle other matters of estate planning. Read on to learn more about trust law and how to protect your wealth.
How A Trust Law Attorney Can Help Draft A Will And Trust
Thanks to the internet, there are tutorials on just about everything these days. While it is possible to draft your own will and trust using one of these free tutorials, perhaps on YouTube, we highly advise against this. Hiring an attorney is not free, but it’s beneficial in the long run because the expertise and inside knowledge of Florida state laws can prevent expensive corrections down the road.
A trust lawyer helping you through this process ensures that it’s done correctly, so it’s one less thing to worry about in the event of an illness or other personal matter in which the terms laid out in a will and trust become necessary. In addition to ensuring that your wishes are honored when you are no longer able to advocate on your own behalf, an experienced lawyer helps you understand the legal implications of those wishes.
Understanding The Technicalities Of Trusts
Wills and trusts often go together. While your will outlines your desires for your assets after your death, a trust is a legal arrangement that dictates who holds legal rights to those assets. The person who holds those legal rights is called a beneficiary. This person – usually the children or grandchildren of the deceased – inherits money, property, or other items of value.
There are two types of trusts: living trusts (created while you are still living, as the title implies), and testamentary trusts (which are contained within the will).
Living Trusts
Once created, assets must be placed within the trust: a process called “funding the trust.” As the trustee, you will administer it on your beneficiary’s behalf. In addition to choosing a beneficiary, you will need to appoint a new trustee to administer the contents after your passing. This successor should be someone reliable and responsible: perhaps a sibling, or your oldest child.
Living trusts are beneficial for avoiding the possibility of probate court in the event of confusion. In addition, should you acquire additional assets in life that aren’t placed in the trust, a pour over will ensure that they fall into your estate, to be distributed as the terms of your trust dictate. These trusts do not become part of the public record, allowing your family more privacy.
Testamentary Trusts
These trusts contain assets that only come into existence in the event of your death, such as life insurance policies. The trust beneficiaries and trustees must be made clear in your will in order to administer them legally. Because trust laws tend tobe somewhat complex, there are many variations of trust provisions possible. It depends on your specific wishes and the particular assets contained within the trust.
In particular, testamentary trusts are useful for establishing financial security, mainly for spouses and children. Therefore, it’s essential to choose the appropriate trust type so the assets are distributed appropriately – which a trust lawyer can help with.
Handin Law legal specialists can help provide appropriate guidance and expertise in order to create the kind of will or trust that works best for you and your family.
Trust Law Helps More Than Just You
Legal terminology can be confusing, and contracts can be difficult to understand. A lawyer who specializes in trust law will have the right training and diligence to understand every detail. With something as important as this, it’s essential to do it correctly the first time.
A will or trust isn’t just something you create to protect your money and possessions; it’s also an act of love for the family you leave behind. A will and trust help provide clarity, reduce the likelihood of family disputes, and ultimately aids the grieving process by giving relatives one less thing to worry about in the midst of hospital bills or funeral arrangements.
Create Your Will And Trust In South Florida
For over 50 years, the law offices of Gary I. Handin, P.A., has helped residents in the South Florida region in all matters of law. Whether you’re drafting a will or trust, starting a business, or facing foreclosure, there is an experienced lawyer who can represent your best interests. The right legal aid can help reduce confusion during what may be an already stressful time.
To schedule a consultation, call us today at 877-815-4560.