Four Important Benefits Of Creating A Trust In Tampa
A trust is a common type of estate planning document in Tampa. Similar to a will, it allows you to designate beneficiaries and make distributions in the event of your death. However, unlike a will, creating a trust also allows you to avoid Hillsborough County Probate Court completely and goes well beyond performing basic tasks. Our Tampa estate planning lawyer explains four important benefits.
- Ensuring Medicaid Eligibility
When you create a trust in Tampa, you are basically transferring ownership of property and assets to a third party, known as a trustee. They have a fiduciary duty to manage assets contained within the trust properly while following your wishes regarding how it is distributed.
Making this transfer can make you eligible for Medicaid. This can cover the cost of nursing homes and other long-term care in the event it is needed and prevents these expenses from completely devastating your estate.
- Providing for Minor Children
If you have small children, making sure they are provided for in the event of your death is a top priority. While you can leave children assets and name a guardian for them in your will, a trust allows you to go into more detail. You can put your wishes regarding their future into writing and allocate specific funds for their housing, clothing, food, and other expenses they have.
- Making Detailed Distributions Among Beneficiaries
Making detailed distributions is often important in dealing with other beneficiaries. For example, if you leave money to your favorite charity or non-profit, a trust allows you to divide payments and state exactly how you wish it to be used.
- Protecting The Financial Future Of Your Family
One of the biggest benefits of a trust is that it can allow you to continue to be there for your family in the future, even after your passing. A trust allows you to designate funds that mark certain occasions, such as a high school or college graduation, marriage, or the birth of a child. It also allows you to provide for specific expenses, including educational costs and medical care.
In cases where you have concerns about a loved one possibly wasting an inheritance, a trust allows you to put certain protections in place. This includes providing periodic, minimum payments and placing conditions on receiving funds, such as requiring a loved one with an alcohol or drug problem to seek treatment first.
Contact Our Tampa Estate Planning Lawyer And Request A Consultation Today
A will is one of the most important and basic estate planning documents. However, creating a trust to go along with it is a good idea, as it allows property and assets it contains to avoid probate and provides other important benefits. At Bubley & Bubley, P.A., we can guide you in the various options and help you put a trust in place. To protect yourself and your loved ones, call or contact our Tampa estate planning lawyer online and request a consultation today.
Sources:
hillsclerk.com/court-services/probate-guardianship-and-trust
medicaid.gov/
