Are you currently revising or creating an estate plan in West Palm Beach? Probate litigators know through experience that various forms of trusts may be an affordable and flexible option to avoid excessive probate fees. Want to learn more? Check out these five things to know about revocable and irrevocable trusts in West Palm Beach.
1) Testamentary Trusts
- Many people do not know that in West Palm Beach you may be able to avoid most of probate through a will substitute.
- Have you considered using a testamentary trust instead of an all inclusive Last Will and Testament?
- For one thing your trusts are private and not filed with a West Palm Beach probate court.
- A will on the other hand is filed in probate court to be administered by the personal representative.
2) Revocable Trusts
- Another thing to know is that you can create a revocable trust that you maintain some control over during your lifetime.
- In fact you can be the trustee and beneficiary as long as you have other beneficiaries as well.
- Watch out though these cannot be used to defraud creditors.
3) Spendthrift Trusts
- Do you plan on benefitting relatives who do not handle money well?
- Are you worried they will sell their interest in a trust or have it gobbled up by creditors?
- Have you heard of a spendthrift trust?
- These trusts have a unique characteristic – they cannot be sold or attached by creditors.
- This may be the answer to those irresponsible kids or other relatives.
4) Real Estate Trusts
- Another great use of trusts is holding your West Palm Beach property.
- Worried about who is going to handle your property upon your disability or death?
- A properly executed West Palm Beach real estate trust may be able to put your mind at ease.
5) Special Needs Trusts
- Do you plan on using your trust or estate to benefit an adult with special needs such as a mental of physical disability?
- Often disabled relatives are also dependent on state funding which may be contingent on that person not having excessive assets.
- A special needs trust can provide support for your disabled loved ones and the principal of the benefits will not count towards their assets.
Conclusion
- Are you unsure if a trust is right for you?
- Experienced Palm Beach probate litigators know that estate planning is different for everyone.
- If you are considering forming a trust to serve any purpose in West Palm Beach remember to check the Florida Trust Code.