Trusts – Living Trust
Polk County Florida Estate Planning Law Firm providing Trusts – Living Trust Attorney – Lawyer Legal Services in Lakeland, Winter Haven, Bartow, Polk County, and the surrounding Central Florida area.
What is a Trust?
A Trust is a legal agreement created at the direction of an individual, in which one or more persons hold the individual’s property subject to certain duties to use and protect it for the benefit of others.
The parties involve in a trust are:
- Settlor – The person who creates the trust agreement. This person is also commonly referred to as the Grantor or Trustor;
- Trustee – The person or entity designated with the legal responsibility of managing the property or assets for the beneficiary of the Trust. A Trustee is legally responsible in ensuring he or she acts only in the best interest of the beneficiary of the trust;
- Beneficiary – The person or entity that the Trust is set up to benefit.
About Trusts?
A Trust is an estate planning instrument that is often used to protect assets and assist with tax planning. Any assets included in the trust are not subject to probate. Additionally a Trust may be beneficial in tax related issues.
While there are various types of Trusts that may serve specific needs, most trust fall under two Categories of a Trust: Revocable Living Trusts (Inter vivos trusts) or Irrevocable Living Trusts.
Revocable Living Trusts:
A revocable trust is a document (the “trust agreement”) created by you or your estate planning attorney to manage your assets during your lifetime and distribute the remaining assets after your death. The person who creates a trust is called the “grantor” or “settlor.” The person responsible for the management of the trust assets is the “trustee.” You can serve as trustee, or you may appoint another person, bank or trust company to serve as your trustee. The trust is “revocable” since you may modify or terminate the trust during your lifetime, as long as you are not incapacitated.
Irrevocable Living Trusts:
An Irrevocable Trust may address the same issues as a Revocable Trust, however it cannot be changed or amended by the donor. Any property placed into the trust may only be distributed by the trustee as provided for in the trust document itself.
Types of Irrevocable Trusts include, but are not limited to:
- Charitable Lead Trusts;
- Charitable Remainder Trusts;
- Credit Shelter Trust;
- Generation-skipping Trust;
- Life Insurance Trust;
- Marital Deduction Trust;
- Trust for Benefit of Minors;
- Qualified Personal Residence Trusts;
- Supplemental Needs Trust.
Another type of trust is a Testamentary Trust, which is created by your will, and it does not come into existence until the event of your passing, Such a trust has no power or effect until the will of the donor is probated. Although a testamentary trust will not avoid the need for probate and will become a public document as it is a part of the will.
For more information regarding Trusts, contact our office by calling 863.937.9100.
Each Trusts – Living Trust attorney, lawyer, and staff member in our law firm are ready to assist you in even the most difficult of legal challenges you may be facing. We will aggressively represent your legal needs, interests, and goals regarding your Trusts – Living Trust issues, as well as other estate planning related legal issues.
If you must address Trusts – Living Trust issues in Lakeland, Winter Haven, Bartow, Polk County, or the surrounding Central Florida area, speak to an experienced Trusts – Living Trust attorney – lawyer at Carroll Law Group, P.L. today by calling 863.937.9100.