There are many ways to ensure that your loved ones receive the things you want to leave for them when you leave this world.
One of the best ways to ensure they get them without a hassle is to leave them in a trust.
Most people think of trust as only things rich kids have that entitle them to a huge bank account.
But there is so much more to it than that.
Truth is, having a trust and leaving all the items you want your want ones to have in it can often be better than having a will.
Setting up a trust can be a tricky process, so it is wise to get a trust attorney in Tampa, FL to help you.
Read on to learn what a trust is, how it works, and how to find the best trust attorney in Brandon, FL.
What is a trust?
A trust form of estate planning to ensure that all of your assets are in safe hands.
There are many types of trust which are all legal binding agreements that entitles the person you choose as trustee to manage all the assets within it.
You can get a living trust or testamentary trust.
A living trust goes into effect as soon as you sign it.
A testamentary trust, on the other hand, isn’t created until you die.
Living trusts can be revocable or irrevocable whereas testamentary trusts are only able to be irrevocable.
A revocable trust allows you to make changes at any time and gives the person listed as trustee complete control of any assets within the trust.
It does not provide full protection or tax sheltering rights.
Irrevocable trust enhances the control over the assets and terms of the trust only until it is established, but can offer more protection to the assets.
Which one you choose depends on your situation, the types or value of assets you wish to protect and leave for your loved one and how you want to control it until you no longer can.
Why should I have a trust?
A trust protects your assets from probate, ensures that only the people you want to receive your assets will, assures that your beneficiaries actually get what you leave them, and can reduce tax implications.
It is a more detailed, safer, and quicker way of ensuring your loved ones are financially secure when you die.
When you get a trust set up you transfer all the assets you want in it into the trust’s name.
A trust allows you to appoint someone to manage your assets for as long as they exist, unlike a will which only allows the person you appoint to manage them until probate closes.
It also protects your loved ones from having to pay for probate attorneys, court fees, and certain other fees that may occur, such as taxes or creditors.
Another major benefit of a trust is the protection it provides your assets from taxes and creditors — meaning your assets will retain their value.
Finding the best trust attorney
When you are ready to set up a trust, do your research to find the best trust attorney in Tampa, FL.
Ask family, friends, and neighbors who they would suggest.
Search for a trust attorney in Brandon, FL.
Look at the testimonies from their previous or current clients.
Check the BBB to see their ratings or any complaints against them.
Ensure they have the knowledge, education, experience, credentials, and licenses.
You will want to make sure you are comfortable with the trust attorney.
Schedule an interview or consultation with them to go over what you need, the costs to set up the trust, and see how you feel about them.
Once you establish a trust you can rest assured knowing that the assets you worked so hard to build are safe and will be controlled the way you want them to be.