The Benefits Of A Tampa Trust And Five Surprising Provisions It Can Contain
A will serves as a guide through Hillsborough Probate Court proceedings. In the event of your death, it provides a list of all property and assets, designates your beneficiaries, and determines how property and assets are divided among them. It is something everyone needs to have in place, but there are many situations in which you may want to supplement your will by creating a trust. Our Tampa estate planning attorney explains more about the potential benefits and five surprising provisions you can include in a trust.
The Benefits of Creating A Tampa Trust As Part Of Estate Planning
Under the Florida Statutes, a will plays a vital role in estate planning. It goes into effect at the time of your death, conveys your final wishes, acts as a guide through probate proceedings, and designates beneficiaries.
In contrast, creating a trust allows you to avoid probate completely. It involves transferring ownership of property and assets into the trust, which is administered through a trustee. The same as with a will, a trust lets you distribute assets among family and friends in the event of your passing. However, it can also provide benefits throughout your life:
- Shields assets from creditor claims and lawsuits;
- Can help reduce tax debts;
- Helps ensure Medicaid eligibility, which can offset the high cost of long-term or nursing home care.
Five Provisions You Can Include In A Tampa Trust
One of the biggest benefits of a trust, and a common reason for creating one, is that it allows you to make more detailed distributions. This is important when providing for children and vulnerable adults, or otherwise making sure assets are handled properly. In making these distributions, a trust also allows you to include some surprising provisions:
- Marking future special occasions. You can designate distributions to mark graduations, marriages, and other major life events.
- Designating funds for specific purposes. You can leave money to loved ones for the specific purpose of buying a house, starting a business, getting an education, or paying for healthcare.
- Requiring beneficiaries to take certain actions before receiving funds. You may require the beneficiaries of funds to take certain actions, such as enrolling in school or getting certain grades, before distributions are made.
- Prohibiting beneficiaries from engaging in certain types of behaviors. You can also use a trust to discourage certain activities, such as gambling or drug and alcohol abuse.
- Providing for future generations. You can designate funds to provide for future grandchildren, great-grandchildren, and others, either through direct distributions or different types of gifts.
Contact Our Tampa Estate Planning Lawyer Today
Creating a trust in Tampa provides numerous benefits and allows you to make detailed distributions among friends and family members. To discuss your options, contact Bubley & Bubley, P.A.
We have decades of combined experience serving our community and provide the trusted legal guidance you need to ensure your affairs are in order. Request a consultation with our experienced Tampa estate planning lawyer today.
Sources:
hillsclerk.com/court-services/probate-guardianship-and-trust
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0731/0731.html
medicaid.gov/
