Trusts can distribute specific assets, income, or pieces of property. The benefit of a trust is that it does not go through probate, like a will, which allows more privacy. The probate court makes your assets and the terms of your will public.
Trusts are a Vital Part of a Comprehensive Estate Plan
Trusts hold specific assets to control how income and assets are distributed. A named trustee can be a friend or family member as well as a professional or organization. They manage property by following the strict instructions you provide. Trusts are customized to your needs, and some types can be flexible. They can supplement wills, managing property while you’re still living and after death. You may have more than one trust, and they need to be set up according to Florida laws to achieve your goals. The Mazenko Law Firm helps you avoid critical mistakes and unintended outcomes.
A revocable living trust can be created and controlled by you (or another trustee) during your lifetime. You can undo the trust, change its terms, and move property and assets in and out of the trust’s ownership anytime. Revocable trusts are designed to switch to an irrevocable trust upon your death.
The right estate plan uses your trust to organize, manage, and distribute assets properly, to avoid any confusion and maintain family harmony. It’s important to regularly check who your beneficiaries are on items such as annuities, life insurance policies, retirement plans, etc. The beneficiaries for these accounts are designated separately from your trust.
Preserve Your Hard-Earned Assets
You’ve worked hard, saved, and accumulated assets that took years to earn. They can be jeopardized by personal and business liabilities, creditors, and taxes consequences before or after your death. An estate plan uses revocable living trusts as legal strategies to protect your assets from potential risks after you pass and clearly defines how they’re distributed outside of probate.
Ensure Trusts are Established Correctly and Fulfill Their Specific Purposes
Attorney Todd Mazenko is the owner and founder of the Mazenko Law Firm located in Mount Dora, Florida. His law practice focuses on estate planning, including wills, trusts, and probate, and he speaks throughout central Florida on these topics.
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