Your Florida Trust Frequently Asked Questions

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Your Florida Trust
Frequently Asked Questions
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Trusts
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What Is A Trust?
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Trusts are some of the most useful estate
planning tools available today
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They essentially operate as independent legal
entities you can create for a number of purposes
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Benefits
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What Does a Trust Allow Me to Do?
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That depends on the specific type of trust you
create
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Some trusts, for example, allow your estate to
avoid probate
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Some trusts, for example, allow your estate to
avoid probate
while others can ensure that someone will manage
the inheritance you give to your grandchild until
the child is old enough to manage it on his or
her own
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Creation
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What Types of Trusts Are There?
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It would take too long to go over each of the
specific types of trusts available to you
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However, its easy to distinguish between trust
by categorizing them in terms of when you create
them
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A trust you create that takes effect while you
are still alive is known as a living trust
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A trust you create that takes effect while you
are still alive is known as a living trust
while one that takes effect only after you die
is known as a testamentary trust
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Changes
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Can I Change a Trust After I Created?
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Possibly
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Possibly
If you create a revocable trust you can change
the trust terms whenever you like
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An irrevocable trust, however, does not allow
you this option
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Operation
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How Do the Trust Work?
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When you create a trust you take some of your
property and transfer it into the trusts name
as the new owner
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You name a trustee who will manage that
property, and also choose beneficiaries who are
able to use or benefit from the trust property
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You also get to determine the specific rules or
conditions under which the trust operates
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Parties
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Who Is the Trustee and the Beneficiary?
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That also depends on the type of trust you create
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In some trusts, for example, you might serve as
both the trustee and the beneficiary
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In others, you might appoint a bank to serve as
trustee and name your grandchildren, other family
members, or even a charity as the beneficiaries
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Many Options
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How Do I Decide What Trust Is Right for Me?
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Its very hard to know this unless you have a
lot of experience dealing with trusts
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Talking to an experienced estate planning
attorney who knows the types of trusts available
to you and how they can fit your individual goals
and needs is an essential step
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Learn More About Florida Trusts
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Robert J Kulas, PA Attorneys at Law
www.kulaslaw.com
[phone]