Understanding Trusts and Estate Planning

A trust is a legal document that can hold property for the benefit of one or more persons or entities. The trust maker, also sometimes referred to as the grantor, settler, donor or trustor, establishes the trust for the intended advantage of the named beneficiaries. In addition, a trust can also define how you would like the property to be held for the intended beneficiaries of the trust.

A trust is an important part of any comprehensive plan that will help you accomplish your future financial goals. The attorneys of LaBovick Law Group understand the intricacies of Florida trust laws. Our experienced lawyers will tailor your financial aspirations in conjunction with the legal requirements of the state. In addition, our attorneys will help you develop the best strategy based on your personal and financial situation, including the utilization of a living trust or other document that best fits your needs.

What is a Living Trust?

A living trust, or revocable trust, is a document that allows the creator of the trust to name him or herself as beneficiary and trustee during their lifetime. A living trust is a widely used tool for estate planning that has many advantages, including the ability of a successor beneficiary to assume the role of trust property administrator automatically in event of the grantor’s incapacitation. Another benefit of a living trust is that it can avoid probate upon the death of the grantor.

A living trust normally involves an agreement between three parties: the trustee, the beneficiary, and the settler.

The Trustee: The trustee is the individual or entity that administers the trust for the advantage of the designated beneficiaries. The trustee has a legal obligation to administer the trust benefits in accordance to the written trust agreement.

The Beneficiary: The beneficiary (or beneficiaries) is the designated recipient(s) of the trust property and benefits.

The Settlor: The settlor is the person who establishes the trust and contributes property to it on a general basis.

As trustee during their lifetime, the grantor has total control over the management of the trust assets. In addition, the grantor also has the ability to add or withdrawal trust assets as he or she pleases. It is important to note that the same principles do not apply to irrevocable trusts.

If you or someone you love would like to set up a trust, you deserve the assistance of an experienced Florida law firm that will help you through the trust creation process. Our lawyers will take time to tailor a trust based on your wishes and future needs as well as the future needs of your family.

In addition to trusts, the attorneys of LaBovick Law Group also help clients plan for their futures through wills, probate assistance, estate planning, and other areas of importance. Please call 1-888-777-3884 now to discuss your matter with an experienced Florida attorney.

The attorneys of LaBovick Law Group help clients throughout Florida, including Palm Beach, Martin, St. Lucie, and Broward counties, and cities of Palm Beach Gardens, Jupiter, West Palm Beach, Boynton Beach, Stuart, Port St. Lucie, Delray Beach, Lake Worth, Boca Raton, Deerfield Beach, Fort Lauderdale and many other areas.