Tampa Trust Planning Attorney
Trust planning is an excellent step which means that you intend to take care of your family’s well being and estate. Most people put off making estate plans or avoid estate trust planning altogether, often leaving their loved ones in the dark when the inevitable occurs. Unfortunately sometimes the loved ones are left trying to figure out what to do if a parent become disabled and then have to scramble around trying to figure out where the important papers are for the family estate when they die. All these unnecessary events could be prevented by letting a Tampa Trusts Attorney put together a simple Trust plan for you.
Often times what’s called a Living Trust is established while the person who wishes to transfer assets is still alive. A Trust is basically a legal contract that transfers property and assets from one person, the Grantor, to another person or group of persons, the beneficiaries, through the Trustee. The Grantor is the person with the property or asset to transfer. The Trustee, say a relative or close friend or whomever is assigned, takes care of the assets and or property for the benefits of the Beneficiaries, usually the children until they are of responsible age and mind.
A Will is slightly different from a trust. A Will states how you would like your property, assets and other items you own to be managed and distributed or divided upon your death.
You will assign what’s called an Executor of your Will, usually a person named in the Will and usually a lawyer, is the person responsible for managing the affairs of the estate as it goes through probate. The court will then supervise your estate and the distribution of your assets as described in your will with specifications on the requisites for transfer of your assets.
Do You Choose a Will or a Trust?
When looking at Wills vs Trusts, a Trust drawn up by an attorney in Tampa seems to have the upper hand. Trusts, as stated above, are acted upon while you are still alive, thus giving you the opportunity to supervise the transfer of ownership of assets and property personally. With living trusts, there are what’s called revocable and irrevocable trusts. The revocable trust can be changed at anytime if the grantor is not satisfied or is having second thoughts about the beneficiary or the trustee.
Irrevocable trusts cannot be changed, well not without a lengthy process, so the grantor should be careful when trust planning an irrevocable trust.
When it comes to a Will, given that you will be passed on by the time the will is executed, you can not oversee the transfer yourself. Although the will is very specific in what you want done, it usually takes a long time to process. The probate also takes some time, as well as a qualified attorney to oversee.
So, in the comparison of wills vs. trusts, the living trusts in Tampa come out as the strong and practical choice. But in choosing which is best for you is up to you. The trick is to sit down with a qualified attorney and discuss more about them in comparison.
Suncoast Elder Law can help you make an educated determination to which one fits your needs best. Contact us today.