LIVING TRUSTS │ SATELLITE BEACH │ MELBOURNE BEACH │ INDIALANTIC
Attorney Herbert Allen helps people with estate planning and living trusts. I answer my own telephone at 321.237.2869 and offer a free initial consultation.
Florida Wills and Trusts Basics
Florida law will direct the distribution of your assets if you do not make a valid will or take other steps to distribute your property during your lifetime. Florida wills and trusts allow you the opportunity to make decisions about your assets long before you die. You can decide who gets what, when, and how much. In simple language, you can draft an estate plan using a trust, will, or a combination of the two. But if you do not act, the government will see to it that someone will receive your assets, sooner or later. Why not make those important choices for yourself? We can sit down, and discuss your options, goals and plans for your entire family. Free initial consultation. I answer my own telephone at 321.237.2869. LIVING TRUSTS │ SATELLITE BEACH │ MELBOURNE BEACH │ INDIALANTIC
Living trusts provide great flexibility for your estate plan, but having a living trust does not always guarantee avoiding probate. Even with a living trust, you will still need a pour-over will to be sure any assets outside the trust subject to probate travel smoothly through the process. Simple wills may be enough for some people, depending upon many factors. We can discuss your particular needs. Living trusts often allow you to gain great advantages over a simple will. With a living trust, you can make many different kinds of trusts for different purposes. A living trust, sometimes called a revocable living trust or inter-vivos trust, allows you to control the management and distribution of your assets, both during your lifetime and after you pass away. You may be able to move your assets into a living trust during your lifetime, and so minimize or avoid probate later. You may also gain tax advantages and peace of mind in designating who will manage and distribute your assets after you pass away. Careful basic estate planning now may save time, effort and expense later. I answer my own telephone at 321.237.2869 and look forward to answering your questions regarding living trusts. Free initial consultation.
Florida Trust Administration
The Florida Trust Code provides guidance on the administration of trusts in Florida. When you form a living trust, you must designate a trustee, often yourself during your lifetime. Once you pass away, then your successor (whom you designated in the trust documents) then takes over the management and distribution of the trust. Trust administration takes time and effort, but it can be simpler than probate administration. If you need help in the administration of a living trust, please contact me.
Will Probate Be Necessary with a Living Trust?
In some cases, you may be able to avoid probate with a living trust. In many cases, you can minimize probate by creating and funding your living trust properly during your lifetime. People often forget to transfer assets into their living trust during their lifetime, and some assets have to be transferred through probate even though you have a living trust. Often, you also create a will to pour any assets left in your probate estate into your living trust. Probate may be fairly fast (Summary Administration), while in other cases it may take many months (Formal Administration), even with a living trust. It all depends on the trust and the assets inside and outside the trust. I recommend careful estate planning to avoid probate where possible, or minimize it if unavoidable.
Living trusts do not need to be scary or difficult. Please feel free to call me. I answer my own telephone at 321.237.2869.
I handle many cases without an office consultation. We can work together through email, fax, U.S. mail, texting, and many other means of communication and document exchange. If you need to visit my office, Herbert L. Allen, Jr., P.A., is located at 1360 S. Patrick Dr., Suite 1A, Satellite Beach, FL 32937. I provide attorney legal services for probate, living trusts, summary administration, formal administration, guardianship, in Satellite Beach, Melbourne Beach, Merritt Island, Indialantic, Melbourne, Eau Gallie, Rockledge, Viera, Cocoa Beach, Cocoa, Palm Bay, Palm Shores, West Melbourne, Suntree, Patrick Air Force Base, Cape Canaveral and all of Florida.
Florida Living Trusts