If you need to ensure that funds are available to care for a family member or want to provide for loved ones after you’re unable to provide for them, our knowledgeable attorneys at Rooth & Rooth P.A. can help you create a trust for your specific needs and answer all your questions throughout the process. They have more than 60 years of combined experience in helping clients draft estate planning documents such as wills and trusts.
What Is a Living Trust in Florida?
Under Florida law, a living trust is a contract made by the person creating the trust, known as the settlor, who appoints trustees responsible for administering the trust. During your life, the living trust names you as a life beneficiary until your death. Upon your death, the beneficiaries, or those who you want to benefit from your trust, are notified that they were included in your trust contract or trust agreement. The trustee continues to administer the trust and remains responsible for oversight of the trust assets for the beneficiaries. Beneficiaries of the trust can be people, charities, churches, entities, corporations, or even animals. The trustee is responsible for complying with the trust agreement and disbursing money or assets on behalf of the trust to the beneficiaries in accordance with the Florida trust code.
Why Do I Need a Trust Attorney?
A trust attorney can set up the trust on your behalf and even serve as the trustee. Engaging an experienced elder law attorney for these functions can help you and your family avoid a long probate process, potentially pay lower estate taxes, and allow you to retain control over when your beneficiaries receive an inheritance.
Benefits of a Living Trust
Unlike a will, a living trust does not go through probate, an often lengthy legal process. That means that your assets may be disbursed to your heirs in a matter of weeks rather than months or years. Establishing a living trust also prevents the substantial court costs associated with probate. This type of document also allows you to retain privacy: while a will is a public record, the assets are distributed privately.
What is the Florida Trust Code or FTC?
The Florida Trust Code (FTC) is the state law that governs and is applicable to trusts formed and administered in Florida. FTCs specify what a trust can and cannot do and how it must be done. Due to the lengthy and complex nature of the FTC, it is advisable to seek counsel from our competent and experienced trust administration attorneys.