Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

Establishing more than one trust

Estate planners in Florida often utilize trusts to protect wealth, save money on taxes and help their beneficiaries avoid probate court. After a person has established a trust, they can create another without revoking the first. This is one of several things that distinguishes a trust from a will.

Most wills state that the creation of the new will is intended to revoke any prior wills. If the person creating a second trust intends for it to replace a prior trust, the trust document can be drafted to say that it is a complete amendment and replacement of the first trust.

Having two trusts to distribute property separately is usually not necessary. Most of the goals that could be accomplished by having two trusts can be accomplished by adding language to a trust that already exists. However, there are some important exceptions when having two trusts would make sense. For example, it was once a common practice to establish an inter vivos trust for life insurance policies to separate the policy's assets from an estate holder's taxable assets.

An estate planning attorney may be able to help someone who wants to protect their assets. There are many different types of trusts available. The type of trust utilized will depend on the amount and type of assets the person owns. Many trusts enable a person to use property or receive income from it during their lifetime. Many people choose to use a trust rather than a will because of benefits that can be enjoyed during the grantor's lifetime. In addition, the beneficiaries can receive property automatically upon the grantor's death without going to probate court.

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Miami, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions