Trusts are a tool many individuals, known as testators, use to protect the value of their assets and for passing money and other valuable items onto their heirs. Most testators set up trusts to ensure that their assets are protected from ending up in the hands of their creditors. There are many different types of trusts. Spendthrift ones are unique in that they keep money safe from both creditors and heirs.
If you create a living trust, you still have a lot of freedom. You can typically revoke the trust or make alterations as you see fit. This could include adding more assets to the trust or removing assets as you need them.
If you have recently started to research estate planning, you may have started to notice that a huge emphasis is placed on attempting to avoid probate. Probate is a court-supervised process that essentially ensures that all assets within an estate are distributed correctly. So, you would be right to question why estate planners want to avoid probate.
When planning your estate, you will probably conclude that probate is an inefficient process that is costly and time-consuming. Probate means that your beneficiaries will inherit a lower portion of your estate due to the costs involved. Understandably, many estate planners are curious about what they can do to avoid probate.
Florida residents like you who have decided you want to leave some or all of your assets to charity will need to learn more about the means by which you can do so. We at the Law Offices of Frye & Vazquez, P.L., are here today to discuss exactly that.
As a Florida resident who is figuring out how you want your estate distributed, you may also be looking into the possibility of setting up trusts. Today, the Law Offices of Frye & Vazquez, P.L., will discuss the option of setting up a charitable trust.
Timeshares are often an excellent way to maintain vacation homes for a fraction of the price of purchasing or leasing a condo. However, many people in Florida have discovered that these properties are sometimes difficult to sell when no longer necessary.
Florida residents like you may be contemplating how you want to handle your end-of-life matters. You may wish to avoid the complications of probate, and you have options that can allow you to do that. We at the Law Offices of Frye & Vazquez, P.L., are here to help.
Trusts can be an extremely powerful and useful tool for estate planning, potentially saving your surviving family members from the lengthy and often expensive process of probate. However, you may be reluctant to create a trust because of a perceived stigma. At the Law Offices of Frye & Vazquez, we believe that the stigma may stem from a lack of understanding that causes misconceptions in the public.
As a resident of Florida, you have multiple options available for how you can have your assets handled after your passing. Naturally, you wish to ensure that your loved ones have as little trouble as possible when dealing with matters of said assets. We at the Law Offices of Frye & Vazquez, P.L., are here to help by explaining some of the benefits a living trust may provide you with.