Florida Trust Attorney
Need help deciding whether a trust belongs in your Florida estate plan? Tiffany Oliver, Esq. provides direct guidance on revocable and irrevocable trusts and how they may fit with your property, family and planning goals.
What Is a Trust and How Does It Fit Into a Florida Estate Plan?
A trust is a legal agreement or arrangement that can hold and manage property according to the terms of the trust document. Depending on the type of trust and how it is funded, it may be used to coordinate ownership, management and distribution of assets as part of an estate plan that avoids the probate court process.
A trust is not automatically the right solution for every person or family. The appropriate structure depends on the assets involved, family circumstances, beneficiary needs, planning goals and how much control or flexibility the client wants to retain.
Tiffany can explain how a proposed trust fits within the rest of an estate plan, including wills, deeds and beneficiary designations.
Revocable Living Trusts
A revocable living trust is generally designed to allow the person creating it to retain significant control during life while providing instructions for how trust property should be managed and distributed upon their incapacity and/or death.
It may be considered by clients who want to coordinate multiple assets, have children under the age of 18 or disabled adult children, plan for incapacity, provide continuity of management or create a structured plan for what happens to trust property after death.
The trust should be properly created, executed and funded with the assets intended to be held in it. A trust that is not appropriately funded may not accomplish the client's intended planning goals..
Irrevocable Trusts
An irrevocable trust may be used for more specialised planning goals where the client is willing to accept different levels of control, flexibility and ownership treatment than with a revocable trust.
Tiffany Law assists with irrevocable trust planning in appropriate matters, including planning that may involve asset protection, Medicaid or tax considerations. The appropriate structure depends on the client's circumstances and goals.
Because these trusts can have significant legal and financial consequences, the specific terms and funding plan should be reviewed carefully before implementation.
Trust Funding and Coordination
A trust generally needs to be properly funded and coordinated with the relevant assets to accomplish its intended purpose. Depending on the plan, this may involve retitling property, reviewing beneficiary designations or confirming which assets should remain outside the trust.
How Tiffany Law Helps With Trust Planning
Tiffany Law helps clients understand what type of trust, if any, may fit their estate-planning goals.
Tiffany Oliver, Esq. works directly with clients to review their assets, property ownership, family circumstances, beneficiary needs and existing estate-planning documents before discussing options.
If a trust is appropriate, Tiffany can prepare the trust and related planning documents and explain how the trust should be coordinated with the client's assets and broader estate plan.
Clients receive clear explanations about what each document means and how the pieces of the plan work together.
Explore Related Florida Estate Planning Resources
A trust is one part of a broader estate plan. Learn more about Florida estate planning and how trust planning may coordinate with property and other planning tools.
Frequently Asked Questions About Florida Trusts
Do I need a trust in Florida?
Not everyone needs a trust. Whether a trust is appropriate depends on the assets you own, how they are titled, your family and beneficiary needs, your planning goals and how you want property managed during life and after death. Tiffany can review a client's specific circumstances and explain the available options.
What is the difference between a revocable and irrevocable trust?
A revocable trust generally allows the person creating it to retain more control and flexibility during life, while an irrevocable trust generally involves different restrictions and may be used for more specialized planning goals. The exact rights and consequences depend on the trust document and the purpose of the plan.
Can a living trust help keep assets out of probate?
A living trust means the trust benefits a person during their lifetime. Thus, revocable trusts are typically living trusts. Assets that are properly transferred to and held in a living trust may be administered under the trust terms rather than through probate. Assets outside the trust may still require probate depending on how they are owned and whether other beneficiary arrangements apply.
Does a trust replace the need for a will?
Not necessarily. A trust and a will serve different purposes, and many estate plans use both. The appropriate combination depends on the client's assets, family circumstances and planning goals.
What does it mean to fund a trust?
Funding a trust generally means transferring or coordinating appropriate assets with the trust so the trust can operate as intended. Depending on the asset, this may involve retitling property, reviewing beneficiary designations or taking other planning steps.
Can a trust hold Florida real estate?
A trust may own Florida real estate. The appropriate way to handle a home as it relates to a trust or other property can depend on homestead considerations, title, mortgages or liens, tax issues and the owner's broader estate plan. The proposed transfer should be reviewed and discussed with an estate-planning attorney like Tiffany before it is completed.
How do I get started with trust planning in Florida?
Schedule a free 30-minute consultation with Tiffany Law. Tiffany can review your specific circumstances, discuss your assets and estate-planning goals and explain whether a revocable trust, irrevocable trust or another planning option may be appropriate.
Considering a Florida Trust?
Speak directly with Tiffany Oliver, Esq. about your assets, family circumstances and estate-planning goals and whether a revocable or irrevocable trust may be appropriate for your plan.
Schedule your free 30-minute consultation to discuss trust-planning options and understand your potential next steps.
