St. Petersburg Trusts Attorney
The main purpose of a trust is to take care of someone. It could you, a dependent, or even a charity. Trusts could have a variety of different benefits, including:
- Avoiding Probate
- Avoiding Guardianship proceedings in the event of incapacity
- Providing for a dependent who needs care
- Minimizing your tax burden when you or a loved one dies
The Different Types of Trusts
There are a number of different trust instruments that could help you. They include:
Revocable Trust - The grantor creates a trust, and property will pass to the beneficiaries on their death. The grantor has the power to cancel or change the terms of the trust.
Irrevocable Trust - This is similar to a revocable trust, but the terms cannot be changed once the trust document is executed.
Testamentary Trust - This trust begins upon the death of the grantor, and it manages assets when the beneficiaries are children or disabled.
Special Needs Trust - This is meant to provide money to a disabled beneficiary without jeopardizing their ability to receive public benefits.
An Attorney Should Help You Create the Trust
A trust is created by a legal document. It will set out terms of the trust and choose a trustee to administer it. You must be very careful when it comes to selecting the trustee and the terms. You are placing a great deal of faith in the trustee to make the right decisions, both in terms of skill and acting in the interests of the trust.
Of course, you always should have an attorney when you create a trust, both to know how it fits into your estate plan and to ensure that it is done correctly. You may not be able to fix mistakes once they are made.
Trust Administration Needs a Lawyer Too
Once the trust is established, you may still need a lawyer. If you are a trustee, you would need help with some of the following:
- Understanding your tax requirements
- Reporting to the beneficiaries
- Providing specific notices to beneficiaries
- Managing the trust assets
- Administering the trust
When you are a trustee, it is vital to act in accordance with the law and your fiduciary duties. If you violate your responsibilities, you can be personally responsible. This is why it is often best to be safe and get legal advice.
Experienced St. Petersburg Trusts Lawyer
For help with establishing a trust or any legal issues that may arise, contact Kruse Law online or call us at (727) 256-4860. You can get the peace of mind in knowing that your money will be there for whoever needs it in the future.