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Published: Jul 2, 2021

Updated: Dec 8, 2023

Building “Trust” Into Your Trust

Published: Jul 2, 2021

Updated: Dec 8, 2023

According to the dictionary, the definition of the word trust is a “firm belief in the reliability, truth, ability, or strength of someone or something.” When it comes to legal matters, it takes on a whole other meaning. However, you’ll still want significant “trust” built into a revocable living trust. That’s why you should secure the assistance of an experienced attorney and why you’ll want to carefully choose trustees who always have your best interest at heart.

Keep reading to learn more about this important legal process and how it can benefit you and your estate.

What is a trust?

During their lifetime, Florida residents have the option to create what is called a revocable living trust. This is an important part of the estate planning process that transfers assets from an individual’s ownership to that of a separate entity. This legal document is created by a ‘grantor’ or ‘settlor’ (i.e., you) and creates a separate entity to manage assets while the grantor is still living. It also lays out specific instructions for how and to whom the assets should be distributed after the grantor’s passing, based on their wishes. A married couple may choose to establish a joint living trust or separate ones.

As part of the planning, the grantor assigns a ‘trustee,’ the person who will be responsible for managing the assets held in trust on the grantor’s behalf. And before you even ask, the answer is YES: you can be the trustee on your own trust for as long as you have the capacity to do so. If you serve as your own trustee, the named successor would then settle the estate’s debts and taxes after your death. Afterward, they would distribute the assets according to the terms as dictated by the trust agreement.

As long as the grantor is living, the trust is ‘revocable,’ which simply means that it can be changed, updated, or even terminated at any time for any reason. Funds and assets can typically be withdrawn at will without any restrictions. At the time of death, the trust converts to an ‘irrevocable’ agreement, and its specifications can longer be altered, not even by a beneficiary. This assures that the wishes of the grantor are legally binding and must be carried out as they were written.

What are trusts used for, and why are they important?

A trust is a valuable document that can serve multiple purposes that are quite beneficial to both the grantor and their beneficiaries.

If you were to become incapacitated for any reason, the trustee would be able to control and direct any assets that were transferred into the trust. This would allow them to pay any bills, make decisions about investment opportunities, and sell property if need be. On the other hand, if a living trust had not been established, the courts might need to appoint a guardian of your property, which can be time-consuming. It may also lead to important tasks being overlooked, and it might even result in the person assigned to overseeing your estate being someone that you don’t trust.

One of the other key features of transferring your assets into a revocable trust now is so that they don’t have to go through a lengthy probate process after your passing. Probate is the court-supervised administration of an estate, and here in Florida, it can take several months, with many cumbersome steps along the way. By creating a trust now, your heirs will be spared from these time-consuming and complicated proceedings.

With a properly executed trust, the trustee, or successor, will have immediate authority to distribute assets to the beneficiaries outlined in the trust (once any debts and tax liabilities have been settled.) Your loved ones, along with any charities of your choosing, will receive their inheritance much sooner and with far fewer hoops to jump through. For those who are struggling financially, this may be a critical lifeline. It can also make a difficult time of grief a little easier.

Why should you hire an attorney to draft it?

Before transferring your assets into a living trust, it’s imperative to consult with an attorney that you trust, one who is experienced in estate planning. There are a wide array of options when it comes to the design and specifications of the trust itself and an incredible amount of intricacies that should be considered: Married couples must decide if they want a joint trust or separate ones. What property will you include in the trust? Who will you name as the successor trustee? Who will the beneficiaries be that inherit the property?

Florida also has specific rules about what can and cannot be included. Tax structures may factor into the decisions you make today for the benefit of your loved ones in the future. Florida even has rules about who can prepare the trust: the Florida Supreme Court declared that the preparation of a living trust by anyone other than a licensed attorney constitutes the unauthorized practice of law. And this document is far too important to risk having it invalidated when you or your family need it most.

Let’s Plan Your Estate

We invite you to make a list of all your questions; then schedule a time to sit down with one of our attorneys. We’ll simplify the process and help you gather up all the information you need to get started. With the number of options and strategies available, the trust should be as unique as you are; Easler Law will tailor your documents to suit your individual needs. Once your trust is established, we’ll even help you transfer your assets into it.

When it comes to revocable living trusts, many Floridians have more questions than can be easily answered through a Google search. You’ve spent a lifetime building your estate and planning for the future. Trust the experts at Easler Law to help you navigate the ins and outs of drafting a legally sound document to secure both your future and your estate for your beneficiaries.

Disclaimer

We give great legal advice, but this page (and the rest of our site) is for informational use only and is no substitute for actual legal advice. If you’d like to establish an attorney-client relationship, reach out to us and we’ll tell you how we can make it official. Sending us an email or reading this page alone doesn’t mean we represent you.

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Responsibilities of an attorney include drafting and reviewing contracts, negotiating terms, and resolving complex issues such as zoning, leasing, property development, and disputes involving boundaries or titles. Real estate attorneys are also skilled in handling litigation related to construction defects and other property disputes, helping to resolve these matters effectively and prevent potential legal challenges.

By conducting due diligence and offering strategic legal advice, attorneys play an important role in safeguarding clients’ interests. Whether for individual homeowners or commercial property investors, real estate attorneys mitigate risks, represent clients in court, and assist them with making informed decisions that are legally sound.

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Business attorneys also help wtih legal matters such as intellectual property rights, disputes, franchising, and regulatory compliance, represent clients in civil litigation to resolve issues like contract breaches and other civil matters, offer advice on administrative and compliance requirements, assist clients who are buying or selling businesses, and even help plan for succession and asset protection.

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Probate attorneys actively manage the estate administration process following an individual's death, ensuring the distribution of assets aligns with the will or state law, and handle Formal Probate Administration for complex cases, Summary Administration for smaller estates, and Ancillary Administration for assets in other states.

Responsibilities of probate attorneys include filing petitions, appointing personal representatives to manage estate affairs, notifying interested parties to ensure transparency and prevent disputes, helping conduct an inventory and appraisal of the estate's assets, overseeing the payment of debts and expenses, handling probate litigation to resolve any disputes that arise.

They also assist in distributing the assets and formally closing the estate, ensuring all legal and financial responsibilities are met, simplifying the complex probate process, honoring the decedent's wishes, and providing clarity and support to the beneficiaries.

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Will and trust attorneys help draft legal documents to ensure their clients' wishes for asset distribution are executed correctly. They draft personalized and legally compliant wills to designate beneficiaries, appoint executors, and establish trusts for asset management and distribution. It is important to note that wills and trusts are an integral part of the estate planning process.

Responsibilities of wills and trust attorneys include providing legal advice and guidance related to asset protection, minimizing tax obligations, facilitating efficient wealth transfer to designated heirs, offering advice on appointing guardians for minor children, and drafting healthcare directives for unforeseen circumstances.

By providing tailored legal advice and crafting personalized documents, attorneys help clients safeguard their legacies, protect loved ones, and ensure that all documents are both legally compliant and enforceable.

Learn More About Wills & Trusts Schedule a Consultation

Estate planning attorneys provide advice and legal guidance for managing and distributing assets in the event of death or incapacity and assist individuals of various financial backgrounds in preparing essential legal documents such as wills, trusts, and Lady Bird Deeds, and may offer advanced techniques like offshore trusts and family-limited partnerships.

Experienced attorneys offer personalized legal advice, tailoring strategies to meet individual client needs, and assist clients in navigating complex laws and regulations affecting asset management, taxation, and inheritance.

End-of-life planning safeguards wealth and secures a lasting legacy for heirs and charitable causes. Whether estates are modest or substantial, these plans provide invaluable peace of mind and financial security for future generations.

Learn More About Estate Planning Schedule a Consultation

Civil litigation attorneys manage disputes and represent their clients effectively with various legal matters and issues. They provide clear legal advice and handle all aspects of a case, from preparing documents to gathering evidence and preparing for trial. They also offer guidance and experience to help clients navigate the legal system efficiently, ensuring that cases are managed effectively and lead to timely outcomes.

Civil litigators are also skilled negotiators, often resolving disputes outside of court to save time and maintain relationships, which is particularly vital in business and probate matters.

When trials are necessary, they present and argue cases effectively to minimize losses and secure favorable outcomes. They offer continuous support and guidance throughout the litigation process, simplifying complex legal issues for their clients in both personal and business contexts.

Learn More About Civil Litigation Schedule a Consultation

Real Estate

A real estate attorney specializes in property law, helping clients navigate the complexities of buying, selling, and managing real estate, ensuring that transactions comply with state laws and regulations, and providing protection and peace of mind.

Responsibilities of an attorney include drafting and reviewing contracts, negotiating terms, and resolving complex issues such as zoning, leasing, property development, and disputes involving boundaries or titles. Real estate attorneys are also skilled in handling litigation related to construction defects and other property disputes, helping to resolve these matters effectively and prevent potential legal challenges.

By conducting due diligence and offering strategic legal advice, attorneys play an important role in safeguarding clients’ interests. Whether for individual homeowners or commercial property investors, real estate attorneys mitigate risks, represent clients in court, and assist them with making informed decisions that are legally sound.

Learn More About Real Estate Law Learn More arrow_forward calendar_today

Business

Attorneys who practice business law provide legal advice for starting, managing, and expanding businesses, ensuring compliance with applicable laws. Their expertise covers various duties, including drafting and reviewing contracts, advising on corporate governance, facilitating business transactions such as mergers and acquisitions, forming partnerships, LLCs, and other business entities like DBAs, drafting and reviewing LLC Operating Agreements, and assisting with strategic planning.

Business attorneys also help wtih legal matters such as intellectual property rights, disputes, franchising, and regulatory compliance, represent clients in civil litigation to resolve issues like contract breaches and other civil matters, offer advice on administrative and compliance requirements, assist clients who are buying or selling businesses, and even help plan for succession and asset protection.

Attorneys help mitigate risks, safeguard company interests, assist clients in making legally sound, informed decisions, help manage growth, and provide guidance to navigate and resolve legal challenges effectively. Their strategic insights are invaluable in ensuring business operations align with legal standards and long-term objectives.

Learn More About Business Law Learn More arrow_forward calendar_today

Probate

Probate attorneys actively manage the estate administration process following an individual's death, ensuring the distribution of assets aligns with the will or state law, and handle Formal Probate Administration for complex cases, Summary Administration for smaller estates, and Ancillary Administration for assets in other states.

Responsibilities of probate attorneys include filing petitions, appointing personal representatives to manage estate affairs, notifying interested parties to ensure transparency and prevent disputes, helping conduct an inventory and appraisal of the estate's assets, overseeing the payment of debts and expenses, handling probate litigation to resolve any disputes that arise.

They also assist in distributing the assets and formally closing the estate, ensuring all legal and financial responsibilities are met, simplifying the complex probate process, honoring the decedent's wishes, and providing clarity and support to the beneficiaries.

Learn More About Probate Learn More arrow_forward calendar_today

Wills & Trusts

Will and trust attorneys help draft legal documents to ensure their clients' wishes for asset distribution are executed correctly. They draft personalized and legally compliant wills to designate beneficiaries, appoint executors, and establish trusts for asset management and distribution. It is important to note that wills and trusts are an integral part of the estate planning process.

Responsibilities of wills and trust attorneys include providing legal advice and guidance related to asset protection, minimizing tax obligations, facilitating efficient wealth transfer to designated heirs, offering advice on appointing guardians for minor children, and drafting healthcare directives for unforeseen circumstances.

By providing tailored legal advice and crafting personalized documents, attorneys help clients safeguard their legacies, protect loved ones, and ensure that all documents are both legally compliant and enforceable.

Learn More About Wills & Trusts Learn More arrow_forward calendar_today

Estate Planning

Estate planning attorneys provide advice and legal guidance for managing and distributing assets in the event of death or incapacity and assist individuals of various financial backgrounds in preparing essential legal documents such as wills, trusts, and Lady Bird Deeds, and may offer advanced techniques like offshore trusts and family-limited partnerships.

Experienced attorneys offer personalized legal advice, tailoring strategies to meet individual client needs, and assist clients in navigating complex laws and regulations affecting asset management, taxation, and inheritance.

End-of-life planning safeguards wealth and secures a lasting legacy for heirs and charitable causes. Whether estates are modest or substantial, these plans provide invaluable peace of mind and financial security for future generations.

Learn More About Estate Planning Learn More arrow_forward calendar_today

Civil Litigation

Civil litigation attorneys manage disputes and represent their clients effectively with various legal matters and issues. They provide clear legal advice and handle all aspects of a case, from preparing documents to gathering evidence and preparing for trial. They also offer guidance and experience to help clients navigate the legal system efficiently, ensuring that cases are managed effectively and lead to timely outcomes.

Civil litigators are also skilled negotiators, often resolving disputes outside of court to save time and maintain relationships, which is particularly vital in business and probate matters.

When trials are necessary, they present and argue cases effectively to minimize losses and secure favorable outcomes. They offer continuous support and guidance throughout the litigation process, simplifying complex legal issues for their clients in both personal and business contexts.

Learn More About Civil Litigation Learn More arrow_forward calendar_today

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