Who Should Have a Trust? A Tallahassee Estate Planning Attorney Explains

Trusts aren’t just for the wealthy. If you own any titled assets and want your loved ones to avoid the expense of probate, court interference in transfer, public knowledge of your assets, and conflict with your family, you should seriously consider a trust-based estate plan. An experienced estate attorney explains why.

5 Reasons You Should Have a Trust

A comprehensive estate plan considers all contingencies and sets up various measures to ensure your hard-earned assets are protected. Here are five reasons why you should have a trust. 

1. Florida asset protection. This keeps your property from being exposed to potential creditors, lawsuits, or other liabilities. 

2. Probate avoidance. Assets owned by a trust don’t go through the often complicated court-directed probate process, so your heirs have quicker access to their inheritance. 

3. Tax benefits. Certain trusts extend tax breaks and other advantages that can save you and your heirs money over the life of the trust. 

4. Privacy. With a trust, you’re able to keep your assets and their particular details private. This can be especially beneficial for business owners who wish to have the details of their full estate confidential. 

5. Flexibility. Trusts are highly customizable and can be tailored to an individual or family’s particular needs and goals.

Types of Trusts in Florida

Every person’s situation is unique, but here are some of the most common trusts estate planning attorneys recommend: 

• Revocable living trusts
• Irrevocable trusts
• Special needs trusts
• Charitable trusts

Depending on your circumstances, you may also want to consider various other types of trusts, such as:

• Asset protection trusts
• Dynasty trusts
• Discounted gift trusts
• Life insurance trusts
• Qualified personal residence trusts
• Qualified terminable interest trusts

You may even want a pet trust to provide for the wellbeing of your favorite animal companion after you pass away.