Our attorneys can help draft a trust that avoids probate, protects your assets, and ensures that your wishes are carried out. Having a trust gives protection to spouses and other family members. For example, a parent can name a guardian within a trust to ensure that the children are taken care of by a trusted person. Funds can also be held within the trust and provided in increments to ensure that the spouse or children have money for health, education, maintenance and support.
Call us us today to set an appointment to discuss the plan that is right for you. 954-300-2521.
1. How does a trust avoid probate?
A. Probate is needed when a person dies - with or without a will - and has assets titled solely in his or her name. From a practical standpoin, we need to know who now owns that property, whether it’s real estate or personal property. A properly drafted and executed (signed) trust provides the mechanism for transferring assets when a person dies, which eliminates the need for probate.
2. What is the difference between a revocable and irrevocable trust?
A. The revocable trust can be revoked (cancelled) by the person who created it during his or her lifetime. It offers important features that gives the maximum flexibility in making changes. An irrevocable trust cannot be cancelled by its creator (settlor or grantor) without judicial intervention. It offers certain tax advanrages but comes with severely restricted flexibility.
3. Do I have to publish my trust?
A. You can publish a trust if you so desire, but publication of the trust is otherwise not required. A person can publish an abbreviated document known as a Declaration of Trust to let the world know that a trust exists but not advise on its contents.