Trust Creation Attorney

Expert Trust Creation Assistance

Creating a trust is a proactive measure to manage your assets, safeguard your wealth, and simplify the distribution of your estate. At Kelley Grant & Tanis, our attorneys are proud members of the Florida Bar and specialize in establishing trusts tailored to your financial objectives and family dynamics. We offer comprehensive guidance to clients throughout Florida, ensuring your assets are organized and passed on according to your precise intentions.

Understanding Trusts in Florida

A trust is a legal arrangement in which one party (trustee) manages assets for the benefit of designated beneficiaries. Establishing a trust allows you to dictate specific terms regarding asset distribution, provide creditor protection, potentially minimize taxes, and avoid probate. Trusts are essential tools in effective estate planning, providing clarity, security, and efficiency in managing your assets.

Types of Trusts We Offer

Our attorneys help clients establish various types of trusts, including:

• Revocable Living Trusts: Offer flexibility, allowing you to manage and alter terms during your lifetime.
• Irrevocable Trusts: Remove assets from your taxable estate for robust asset protection and potential tax advantages.
• Special Needs Trusts: Ensure financial security for loved ones with disabilities without impacting their eligibility for government benefits.
• Charitable Trusts: Support charitable causes while providing possible tax benefits and leaving a meaningful legacy.

Revocable Living Trusts

Revocable living trusts allow you to maintain full control over your assets during your lifetime, including the ability to amend or revoke the trust. Upon your passing, these trusts transfer assets directly to your beneficiaries, bypassing probate and maintaining privacy. Our attorneys ensure your trust complies with Chapter 736 of the Florida Statutes.

Irrevocable Trusts for Protection

Irrevocable trusts offer substantial protection by permanently transferring ownership of assets out of your estate. This structure can significantly reduce estate taxes and shield assets from creditors. Our attorneys assist in creating these trusts to achieve maximum asset protection and tax efficiency.

Special Needs Trusts

Special needs trusts are designed to provide ongoing financial support for individuals with disabilities. They protect beneficiaries’ eligibility for government assistance programs while enhancing their quality of life with additional resources. We collaborate with clients to develop customized trusts that address unique family needs.

Charitable Trusts

Charitable trusts allow you to combine philanthropic goals with effective estate planning. Establishing a charitable remainder or lead trust enables you to support causes important to you, providing financial benefits to your heirs while achieving favorable tax outcomes.

Benefits of Working with a Trust Attorney

Trust creation involves intricate legal details and careful planning. Our attorneys assist by:

• Tailored Trust Structures: Developing personalized trusts aligned with your individual goals and circumstances.
• Legal Compliance: Ensuring adherence to all Florida statutory requirements to avoid future conflicts.
• Tax Efficiency: Advising on strategies to minimize estate and gift taxes, preserving more wealth for your beneficiaries.

Frequently Asked Questions

Who should consider establishing a trust?

Trusts benefit individuals at any financial level, offering probate avoidance, asset protection, and flexible management of wealth.

How does a trust differ from a will?

A trust can manage assets during your lifetime and after your passing, providing privacy and avoiding probate. A will only takes effect after death and typically must go through probate.

Can a trust be changed after creation?

Revocable trusts can be modified or revoked at any time during your lifetime. Irrevocable trusts generally cannot be altered once established, though certain exceptions may exist.

What assets can be included in a trust?

Most assets, including real estate, investments, financial accounts, life insurance, and personal property, can be placed in a trust.

Do I need a lawyer to create a trust?

Working with an experienced attorney ensures proper drafting, compliance with Florida law, and alignment with your specific wishes, preventing future issues.

Trust Creation Attorney FAQs

Why do many Florida residents choose living trusts over wills?

Living trusts provide privacy, avoid probate, and allow assets to be managed during incapacity. Unlike wills, which only take effect after death and require probate court, trusts streamline the process for beneficiaries. They are especially useful for individuals with property in multiple states. Our blog on living trusts vs. wills explains why many Floridians prefer trusts.

What assets should not go into a Florida trust?

Not every type of property belongs in a trust. For example, retirement accounts like IRAs and 401(k)s typically pass through beneficiary designations instead. Placing them into a trust could trigger tax issues. Our article on what assets should go into a Florida trust reviews which property fits and which should stay out.

How do I properly fund a Florida trust?

Funding a trust means transferring ownership of property into it, such as retitling bank accounts or recording deeds for real estate. Without proper funding, the trust cannot manage or distribute those assets. Many trusts fail because the funding step is overlooked. See our blog on how to fund a Florida trust to avoid common errors.

What are the legal duties of a trustee in Florida?

Trustees must manage assets prudently, act in the best interest of beneficiaries, and follow the trust’s written terms. They must also keep records and provide accountings when required. Breaching these fiduciary duties can result in personal liability. Our guide on naming a trustee in Florida explains the responsibilities and how to choose wisely.

How do revocable trusts help snowbirds avoid probate?

Snowbirds with property in more than one state often use revocable trusts to bypass ancillary probate. By transferring real estate into a trust, ownership passes smoothly to beneficiaries without requiring multiple court proceedings. This saves time, reduces costs, and provides privacy. Learn more in our article on revocable trusts for snowbirds.

Can a trust protect assets from creditors in Florida?

Irrevocable trusts may provide creditor protection, but revocable trusts generally do not. The type of trust and how it is structured determine the level of protection. Asset protection often requires combining trusts with other legal strategies. A lawyer can advise on which trust meets your goals.

What happens if I don’t create a trust or will in Florida?

If you pass away without a trust or will, Florida intestacy laws decide who inherits your property. This may send assets to relatives you would not have chosen. Probate is also required, which can be lengthy and costly. Planning ahead prevents these default outcomes.

Do trusts replace the need for a will?

Trusts reduce reliance on wills, but most people still need a simple “pour-over” will. This document directs any assets not titled in the trust to be transferred into it after death. Without it, untransferred property may still go through intestacy. A combined approach provides comprehensive coverage.

How do I decide between a revocable and irrevocable trust?

Revocable trusts allow flexibility because you can amend or revoke them during your lifetime. Irrevocable trusts cannot be changed easily but offer stronger tax and asset protection benefits. The right choice depends on your goals, such as probate avoidance versus creditor protection. An attorney helps weigh these trade-offs.

Can I serve as my own trustee?

Yes, most people name themselves as the trustee of a revocable trust during their lifetime. This allows them to retain control over property while alive and competent. A successor trustee then steps in if incapacity or death occurs. Choosing a reliable successor is essential to ensure smooth management.

Why should I work with a Florida trust attorney instead of using DIY forms?

Generic forms may not comply with Florida’s specific trust laws. Improper drafting or funding can invalidate protections or create tax problems. An attorney ensures the trust is legally enforceable, properly funded, and aligned with your long-term goals. Professional guidance prevents costly mistakes.