Orlando FL Trusts Attorney

Don’t Wait! Protect Your Assets with an Orlando Trust Attorney

Trusts are like special containers for your money and property, helping you take care of them both now and in the future. Trusts are crucial in Orlando to ensure your assets are distributed according to your wishes after you die. If you need help understanding or setting up a trust, talking to an Orlando, FL trusts attorney can be a smart move.

Imagine a safe that has directions saying exactly who gets what, and when.  This guide will break down trusts, explain why they’re handy, and show you how they can benefit you and your family.

Quick Summary:

• Trusts are legal arrangements where one person gives control of assets to another for the benefit of someone else. They’re used for estate planning, asset protection, and transferring wealth.
• In Florida, common types of trusts include Land Trusts, Medicaid Trusts, Revocable Living Trusts, and Irrevocable Living Trusts, each with its own purpose and benefits.
• Setting up a trust in Florida requires meeting certain legal requirements, including being mentally sound, having witnesses sign the trust document, and specifying beneficiaries.
• Beneficiaries in Florida have clear rights, including staying informed, knowing their share, holding the trustee accountable, challenging the trust, receiving fair value for assets, and more.

Trusts are a strong tool for managing assets in Orlando, Florida, ensuring your family’s security. Understanding Florida’s trust laws is vital for effective estate planning.

What is Trust?

A trust is a legal arrangement in which a trustor gives control of assets to a trustee for the benefit of a beneficiary, as outlined in a written document known as a trust agreement or trust deed. Trusts are used for estate planning, asset protection, and ensuring the smooth transfer of wealth to beneficiaries while allowing for flexibility, privacy, and reducing taxes, and avoiding probate.

What Are The Types Of Trusts Allowed In Florida?

While there are many different trusts available, each state has its laws. In Florida, there are a few main types to consider. Here’s a breakdown of some common Florida trusts:

• Land Trusts: These can shield your property from future lawsuits.  Think of it like putting your house in a safe deposit box managed by a bank (the trustee).  This does mean you won’t own the property anymore, and there can be some downsides when it comes to selling or financing it.  However, it can offer some privacy benefits.
• Medicaid Trusts:  Nursing homes can be expensive.  This type of trust might help you qualify for Medicaid (government help) by moving some assets out of your name.  The catch: the money is ultimately meant for your children, not your long-term care.
• Revocable Living Trusts: This is the most common type in Florida.  You put your stuff in the trust while you’re alive, and you can still control it and change your mind later.  After you’re gone, the trustee hands things out to your loved ones according to your instructions.  This helps avoid probate court, which can be a lengthy process.
• Irrevocable Living Trusts:  With this type, you give up control of the assets you put in the trust.  You can’t take them back or change the plan.  The irrevocable living trust does, however, protect you from having to go through probate or deal with estate taxes.

What Are The Key Aspects Of Florida Trust Law?

Trust laws in Florida are regulated by the Florida Trust Code, part of the Florida Statutes, which includes some unique provisions along with the accepted set of laws for trusts, modeled after the Uniform Trust Code.

Key points to grasp include:

• Formation and Requirements: Florida law permits various trust types, such as revocable, irrevocable, testamentary, and living trusts. These trusts involve a grantor (who creates the trust), a trustee (who manages it), and beneficiaries (who benefit from it).
• Fiduciary Duty: Trustees bear a fiduciary responsibility to manage trust assets in the best interests of beneficiaries, which entails duties of loyalty, impartiality, and reasonable care.
• Beneficiary Rights: Beneficiaries have specific rights under Florida law, including access to information, accounting, and recourse through court action in cases of trustee malfeasance.
• Creditor Claims: While Florida trust law provides some protection for assets held within trusts from creditors, exceptions exist. For instance, irrevocable trusts often offer more protection than revocable ones.
• Trust Termination and Modification: Florida law allows for trust modification or termination under certain conditions, such as unanimous beneficiary agreement, provided it doesn’t conflict with the trust’s primary purpose, or through court intervention in specific circumstances.
• Tax Implications: Trusts are subject to federal and state tax laws, with Florida offering advantages due to its lack of state income tax.

It’s essential to note that Florida trust law can change, influenced by legislative updates or court rulings.

What Are The Trust Requirements In Florida?

Florida has some key rules for creating a trust including:

• Be an Adult in Charge: You need to be 18 and mentally sound to set up a trust. This means understanding your stuff (assets), your family, and what you want the trust to do.
• Witness Power: When finalizing the trust, you’ll need two witnesses to sign it along with you, all at the same time. Similar to a will, if these signing rules aren’t followed, the trust won’t be valid.
• Who Gets What: You can be a beneficiary while you’re alive, but you also need to name who inherits the remaining assets after you’re gone.
• Fill ‘er Up: Put any assets you want into the trust, especially those without a designated beneficiary already. This helps avoid probate court.
• Privacy Matters: Unlike a will that becomes public after you die, a trust stays private during your lifetime. A revocable trust gives you more control over your stuff even after you’re gone.

Why Do I Need An Orlando FL Trusts Attorney?

One of the most significant decisions you’ll make regarding your legacy is how your estate passes to loved ones. Trust planning offers a secure and efficient solution, preventing family conflict, lengthy probate delays, and safeguarding your wishes.  An Orlando trust attorney can be your partner in navigating this crucial process. 

Here are a few reasons why you might need an Orlando FL trusts attorney:

• Pick the Right Trust: There are many trust options, and an attorney can help you choose the one that fits your needs best.
• Make a Valid Trust: Florida has trust-making rules, and an Orlando FL trusts attorney can make sure your trust is set up correctly to avoid problems later.
• Protect Your Stuff: Trusts can shield your belongings from creditors, probate court, and even nursing home costs. An attorney can advise you on how to use a trust for this.
• Save on Taxes: Trusts can also help you save on taxes. An Orlando FL trusts attorney can explain how trusts affect taxes.
• Avoid Fights: A well-written trust can help prevent arguments among your loved ones after you’re gone. An attorney can guide you in creating a clear and easy-to-understand trust document.
• Peace of Mind: Creating a trust can give you peace of mind knowing your things will be distributed according to your wishes after you’re gone. An attorney can help make sure your plan goes smoothly.

If you’re considering creating a trust in Orlando, Florida, it’s important to consult with an experienced Orlando FL trusts attorney to discuss your individual needs and goals.

Call our Orlando FL Trusts Attorney Now!

Trusts are a powerful way to manage your money and property in Orlando, Florida, ensuring your family’s well-being for years to come.  Understanding Florida’s trust laws is crucial for effective estate planning. Whether you’re creating a new trust, need help managing an existing one, or have any legal questions about trusts, seeking legal guidance is a smart move.

Tejes Law, PLLC is your Orlando is your trusted legal ally in trusts and estate planning.  They offer personalized solutions to fit your unique situation.  With their experience and focus on client satisfaction, Tejes Law can help you navigate the world of trusts with confidence.

Don’t wait to secure your family’s future.  Contact Tejes Law, PLLC today for a free consultation.  Let our experienced Orlando legal team guide you and ensure your wishes are followed precisely.  Take control of your legacy – contact Tejes Law, PLLC now!