Why You Should Consider A Trust In Your Tampa Estate Plan
Estate planning in Tampa starts with drafting a will. It then moves on to creating other documents that communicate your wishes, protect your best interests, preserve property and assets, and ensure they are distributed among loved ones according to your wishes.
Once you have a will established, creating a trust is often one of the next steps. Trusts offer significant advantages for Tampa residents, from avoiding Hillsborough County Probate Court proceedings to providing long-term financial security for loved ones. Our Tampa trusts lawyer explains more about how they work and the options available.
The Benefits of a Trust in Tampa Estate Planning
Guidelines for creating a trust are listed under the Florida Statutes. It involves entering into a legal agreement in which another person or institution, known as the trustee, who has a legal duty to protect your interests. Their job is to manage property and assets contained within the trust on behalf of you and your beneficiaries.
Unlike a last will and testament, which goes into effect at the time of death, a trust can provide financial protection during your lifetime (as well as when you pass). Key benefits of establishing a trust in Tampa include:
- Avoids probate: Assets placed in a trust bypass potentially lengthy and costly Florida probate processes.
- Maintains privacy: Unlike a will, which becomes part of the public record, a trust keeps financial matters private.
- Provides asset protection: Certain types of trusts can shield assets from creditors, lawsuits, or financial mismanagement.
- Offers control over distributions: Trusts let you specify when and how designated beneficiaries receive an inheritance, which can help prevent reckless spending or other problems.
Types of Trusts to Consider As Part Of Your Tampa Estate Plan
Thinking about whether to include a trust as part of your Tampa estate plan? Before making a decision, be aware of the options. Trusts that can help protect you, your loved ones, and your assets include:
- Revocable Living Trusts: This protects your assets while allowing you to retain control during your lifetime.
- Irrevocable Trust: This provides more limited power but greater protection from creditors and estate taxes.
- Special Needs Trust: This allows you to provide for vulnerable loved ones while also preserving their eligibility for government benefits.
- Charitable Trust: This allows you to continue to support the causes you care about while receiving potential tax benefits.
The type of trust you select depends on your financial goals and family circumstances. To find out more, request a consultation with our experienced Tampa estate planning lawyer.
Contact Our Tampa Estate Planning Lawyer to Discuss Your Options
Creating a trust as part of your Tampa estate plan can provide protection and peace of mind. Whether your goal is to avoid probate, protect assets, or preserve wealth for future generations, establishing the right type of trust can make all the difference.
At Bubley & Bubley, P.A., our legal team is here to help. Call or contact our office online and schedule a consultation today with our experienced Tampa estate planning lawyer to discuss your options.
Sources:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736ContentsIndex.html
hillsclerk.com/court-services/probate-guardianship-and-trust
