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Tampa Family & Estate Lawyers / Tampa Trusts Lawyer

Tampa Trusts Lawyers

Most people have heard about wills, but what is a trust? And do you need a trust as part of your estate plan? Bubley & Bubley, P.A., provides estate planning solutions to individuals and families in Tampa. We know that trusts come in all shapes and sizes, and we can help you identify which type of trust works for your needs. This is a useful estate planning tool which provides surprising benefits. Call us to speak with a Tampa trusts lawyer in an individual consultation.

Creating a Trust

Florida residents also have the option of creating a trust. During this process, a testator transfers his or her assets to a trust, over which he or she, or whoever is named the trustee, has control over those assets until the testator’s death. Once the testator passes away or upon the occurrence of a specified event, the assets are distributed to those named in the trust. One of the advantages of a trust is that the beneficiaries do not have to go to probate court and can make the asset transfers without any court supervision, which can save the estate a significant amount of money. Finally, because trusts do not have to go through probate, all transfers and documents will remain private, contact our experienced Tampa trust lawyers today.

How Can a Trust Benefit Your Estate Plan?

A trust is a legal way to own property. The person who creates the trust (the “grantor” or “settlor”) will transfer ownership of assets into the trust and list the trust on the title. A trustee then manages the trust assets for the benefit of one or more beneficiaries.

Because the trust is the owner, the asset is no longer part of the settlor’s estate. The trust also isn’t owned by the beneficiary.

We use trusts for a variety of reasons:

  • A trust isn’t probated like a will, so it is not a public document. The public cannot gain access to your trust.
  • Because a trust doesn’t go through probate, it’s easier for the trustee to provide for family members after death. You can also create a trust for your family while you are living.
  • Tax savings. Many people create a trust to reduce the estate taxes their heirs will owe. You can also use a trust to give to a charity, which should reduce taxes.
  • Provide for a disabled individual. Many government programs are means tested. If you left assets directly to a disabled person, they might become ineligible for benefits. Instead, you can create a trust which will provide for this person and preserve their eligibility.

These are some of the major reasons to create a trust. Call our firm to discuss if this is an estate planning document that will benefit you. Not everyone needs a trust, and we need to see how it will fit into your overall estate plan.

A basic trust is a living trust, which you can create now, while alive, and serve as trustee. You maintain control of the trust and can move assets in and out or even shut it down. Other common trusts are special needs trusts for disabled individuals and testamentary trusts, which you create with your will at death.

More complicated trusts are irrevocable in nature, which means you can’t easily reverse them or wind them down. Once you transfer the property, it’s out of your control. Many of our clients use irrevocable trusts for tax savings.

Experienced Estate Planning Law Firm

Every client has different resources and different wishes as to how those resources will be divided at the end of the client’s life.  For some clients a simple will is enough to provide for a smooth transition of one’s assets to one’s heirs.  In other cases, however, wills may be more complicated or it may be necessary to set up revocable trusts.  A will is a document that explains how a person wants his or her assets to be distributed when he or she dies.  Wills can be altered or destroyed when the person is alive, but they cannot be changed after the person dies.  A trust, on the other hand, is a method by which a person actually transfers his or her assets before he or she dies.  Instead of transferring the assets directly to the beneficiaries, however, they are transferred into the trust.  Usually the person who is putting the assets in the trust remains “trustee” which means he or she still controls the assets until his or her death.  Then, when the person dies, the person who has been appointed “successor trustee” takes control of the assets in the trust and transfers them to the named heirs.  There are some major differences between these two tools:

Trusts do not require the approval or supervision of the probate court, whereas wills are filed and go through the probate process. While trusts may be more complicated to set up on the front end, this means that the process of distributing your assets after your death may be faster, easier, and cheaper if you use a trust.

Because they do not go through the probate court, trusts allow for more privacy. Since wills are probated they become public records.  For people with high public profiles who value privacy this can make the trust a valuable tool.

Contact our Tampa Wills & Trusts Lawyers

Estate plans provide peace of mind, but it’s critical to create them the right way. At Bubley & Bubley, P.A., we have decades of estate planning experience and are always eager to help more families and individuals in the area. Call us at 813-963-7735 to schedule a meeting with a Tampa trusts lawyer.

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