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Tampa Trust Lawyers

Trusts can be very useful tools in estate planning, elder care, and asset protection. Florida statutes, which are derived from the Uniform Trust Code, set forth the requirements for creating, modifying, terminating, and reforming a Florida trust. These requirements must be met for a trust to be valid. If you’re considering creating a trust, please don’t hesitate to contact our knowledgeable Tampa estate planning lawyers today. We are here to walk you through each step of the process ahead.

Trust Lawyers: Here for Clients in Tampa and Throughout Florida

There are a wide variety of trusts including, but not limited to, Revocable Living Trusts, Irrevocable Trusts, Grantor Trusts, Special Needs Trusts, Gun Trusts, QTIP trusts, Testamentary Trusts and trusts for minors. Each type of trust provides specific benefits or addresses specific issues or goals. Our Tampa estate planning attorneys will assess your goals and objectives, and then assist in crafting a trust that best achieves them.

Components of a Trust

The individual who creates a trust is referred to as a settler or grantor. A trustee is appointed by the grantor and the trustee then manages the trust and the trust assets. The trustee is a fiduciary and is required to adhere to Florida statutes regulating trustee acceptance, duties, responsibilities, removal or resignation, succession, and compensation.

Depending on the type of trust that is created, the trustee may or may not be the grantor. When appointing a trustee there are several factors to consider such as the individual’s relationship to the grantor and beneficiaries, the availability and willingness of the individual to serve as the trustee, and any particular knowledge or background that might assist the individual in serving as the trustee.

Benefits of Creating a Trust

Trusts provide a variety of benefits including but not limited to:

  • Minimizing or avoiding probate
  • Providing for a minor and avoiding guardianship
  • Providing for a child with special needs
  • Controlling and structuring the manner in which assets are distributed to a beneficiary
  • Qualifying for Medicare/Medicaid
  • Providing confidentiality
  • Trusts can also be created to provide for the care of a pet or to contribute to a charity

Once a trust is established, the trust must be funded in order to receive the benefits of the trust. In other words, assets must be transferred to the trust in order to be considered trust property. Assets that are not trust property do not receive the benefits of the trust and may be subject to the probate process.

Additionally, it is important that the trust addresses your particular estate planning needs and furthers your particular estate planning goals. This is why it’s so important to have seasoned trust lawyers in your corner who can ensure your interests are protected.

Contact Our Florida Trust & Estate Planning Lawyers

It is important that you speak with an attorney who can discuss whether establishing a trust is beneficial for you, which type of trust is appropriate for your specific needs, and which of your assets should be transferred to the trust once it is established. Contact the seasoned trust lawyers here at Tampa Law Group today.

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