Trusts can be used to address the specific concerns of individuals in Palm Beach and across Florida. Florida law protects the trust relationship, which empowers a trustee to manage assets inside of a trust by “holding them” for the benefit of another individual or entity.
While many people are aware of the benefits of a revocable living trust because it allows heirs to avoid the delays and costs associated with probate, there are many other kinds of trusts allowed under Florida law. A revocable living trust is just one example of a trust that can be used to protect your assets, benefit your heirs, and accomplish your goals.
To determine the trust that is appropriate for your needs, you should consult with a Palm Beach Gardens estate planning attorney, such as Blatt Legal, to share your personal circumstances and objectives. Property placed within a trust is managed by a trustee, who holds the property benefit for another person. Like other estate planning resources, a trust can be as simple or as complex as you need it to be.
Some of the most common reasons that individuals create trusts include:
- Protecting assets from creditors
- Avoiding probate
- Protecting assets from being misused or mismanaged by beneficiaries
- Simplifying the process for asset distribution upon your death
- Providing privacy for asset distribution
There are a wide range of trusts that your estate planning attorney may consider in selecting the right avenues for you. As the needs and interests of individuals have grown, so too have the kinds of estate planning trusts that can help them. Some of the more common types of trusts include:
- Living trusts
- Charitable trusts
- Revocable trusts
- Irrevocable trusts
- Irrevocable Life Insurance Trusts
- Pet trusts
Depending on your objectives for the future, one may be a better fit for your current situation in than another. Whether you reside in Wellington, Palm Beach or surrounding areas, schedule a consultation with our office to learn more about how trusts can benefit both you and your heirs.