Learn how to use trusts to protect investments and pass inheritance in West Palm Beach

Have you been talking to your friends in Pompano Beach about their  estate plan? Are you confused why so many people are using trusts as a substitute for wills or other testamentary instruments?Experienced Palm Beach probate litigators are using trusts to manage everything from real estate and stocks to the family burial plots and pets. Want to see how? Learn how a properly drawn up Palm Beach trust could help you.

Real Estate Trusts

• A real estate trust is one of the more common in West Palm Beach but do you actually understand what they do?
• Now a days homeowner’s associations and condominiums are becoming the norm and that means monthly dues.
• When a person in West Palm Beach dies if their property is held in trust, it is actually the trustee who was paying the fees.
• The trustee will continue and the probate process will not interfere with the proper administration of the property.
• Meanwhile the benefit of the property will pass to a beneficiary you select, just like in awill.
• See how this keeps the property safer than a typical probate process?

Spendthrift Provisions

• Sometimes you are leaving significant assets to younger or less responsible relatives in West Palm Beach.
• If you are concerned about them handling those assets responsibility you may want to use a spendthrift provision.
• These provisions do two things – keep a person from selling their interests in trust funds and from having liens attached.
• In West Palm Beach it cannot be one or the other if you want the provision to be respected it has to do both.
• What other types of trust are there in South Florida?

Honor Trusts

• Have you ever heard of an honor trust?
• In these types of trusts you actually rely on the honor of the trustee because the beneficiaries are not people.
• For example a pet or a gravesite are both prime candidates for an honor trust.

Using Trusts

• Experienced Palm Beach probate litigators know how to use trusts to work for you.
• Trusts can do everything from substitute for wills to managing your real estate and investments.
• There may even be tax advantages to trusts in West Palm Beach.