What Are The Benefits Of Having A Trust In Place?
Estate planning is a crucial consideration for people of all ages. Developing a comprehensive estate plan involves numerous documents, extensive contingencies and complex legal if/then propositions. As a lawyer with more than 22 years of experience, Fernando Iglesias is prepared to provide the in-depth legal guidance that his Florida clients need.
At the Law Offices of Fernando Iglesias, we represent clients in DeLand and communities throughout Central Florida. No matter your age, health or wealth we recommend discussing the benefits of having a trust in place. While a will allows individuals to clearly determine the distribution of the estate, a trust gives these same individuals the ability to hold or distribute assets. Trusts can be drafted to account for nearly any financial situation, including special needs trusts, pet trusts or cabin trusts.
Revocable Or Irrevocable Trusts?
One of the most common trusts in Florida is the revocable trust, also referred to as a living trust. This type of trust arrangement allows the creator to make changes, revisions, additions or even cancel the trust as long as they are living and retain the capacity to make these decisions. Many people are attracted to the flexibility of this form of trust and seek out an attorney to discuss legal options.
Conversely, an irrevocable trust is one which cannot be modified or terminated without the permission of the beneficiary. As soon as the trust is created, assets and finances are transferred to the trust. The grantor, then, has effectively removed rights of ownership to both the assets and the trust itself.
Discuss How A Trust Can Benefit You
To learn more about estate planning, probate and the tax benefits of developing a trust, we encourage you to schedule a consultation at our office. Complete our online contact form or call us at 386-320-5412. El abogado habla español.