Five Benefits Of Using A Trust In Tampa Estate Planning

Estate planning is closely associated with creating a will. While a will is undoubtedly important and something everyone should have in place, there are other estate planning tools that can help protect you, your loved ones, and your assets. A trust is one of those tools. Our Tampa estate planning lawyer explains more about what a trust is and the benefits it offers.

What Is A Trust and How Does It Fit Into Tampa Estate Planning

Estate planning involves using certain legal documents to protect one’s assets in the event of the unexpected. Unfortunately, many people are unaware of its importance. For example, Gallup News reports indicate over half of all Americans have a legally valid will in place. Even fewer have taken the time to create a trust, despite the many benefits it offers.

A trust is a legal agreement to transfer title to certain types of property and assets to a trusted third party, known as a trustee. This person has a fiduciary duty to act in your best interests and to manage the trust according to your wishes. Situations in which you may want to create a trust include:

• You have significant amounts of property and assets;
• You have minor children or other vulnerable family members;
• You want money left to loved ones to be used for specific purposes;
• You own a business;
• You have concerns about future long-term care costs.

The Benefits Of Creating A Trust In Tampa

Most people have heard of the term ‘trust fund’ and associate it with high-income individuals or wealthy families. The fact is that a trust provides important protections for people of all income levels, regardless of their total financial holdings. Among the benefits include:

1. A trust helps to avoid probate court: Unlike a will, which acts as a guide in the Hillsborough County Probate Court, a trust allows you to avoid these proceedings completely.
2. A trust allows for more detailed distributions: You can use a trust to mark special occasions, such as graduations, weddings, the purchase of a new home, or the arrival of a baby.
3. A trust ensures proper care for children and special needs adults: It can earmark money specifically for medical costs, monthly bills, and other practical expenses.
4. A trust can prevent you from being sued: By transferring property out of your name and into a trust, it provides protection against lawsuits and credit claims.
5. A trust allows you to avoid the high costs of nursing home care: One of the biggest benefits of a trust is that it can help ensure Medicaid eligibility, which prevents you from paying out of pocket for long-term care.

Discuss Your Options With Our Tampa Estate Planning Lawyer

Including a trust in estate planning in Tampa provides important benefits. To discuss your options, contact Bubley & Bubley, P.A. Get the trusted legal guidance you need to protect yourself, your loved ones, and your assets. Request a consultation with our Tampa estate planning lawyer today.

Sources:

news.gallup.com/poll/351500/how-many-americans-have-will.aspx

hillsclerk.com/court-services/probate-guardianship-and-trust

medicaid.gov/medicaid/eligibility/index.html