Citrus County Trusts Lawyer
When most people consider estate planning, their first thought is to write a will. While wills are an important part of estate planning, they are not the only option. Creating a trust can also be beneficial to both you and your family. The best way to ensure proper estate planning is to consult an experienced lawyer. At Kovach Law Firm, we have over 20 years of experience creating individualized estate plans for individuals and families.
The term “trust” describes an obligation of a third party to hold your assets for a future beneficiary. When you create a trust, you will designate someone who holds onto your property until it is time for your beneficiary to receive that property. This third party is called a trustee. He or she is legally responsible for the property or assets included in the trust. Your trust will dictate when the trustee gives those assets or property to your beneficiary. Beneficiaries typically include spouses, children, or grandchildren. However, you can name any person or entity as a beneficiary of your trust.
There are multiple types of trusts, such as living trusts, charitable trusts, personal residence trusts, and more. An experienced trust lawyer can help you sort through these options and figure out what option is best for you and your family.
Trusts vs. Wills
There are three main differences between wills and trusts:
- When it goes into effect;
- The administrator; and
- The probate
A will can only take effect after your death. With a trust, you can designate when your beneficiaries receive property and assets. Depending on the type of trust, it may take effect during your lifetime, or after death. Trusts provide more flexibility in these choices. Also, unlike a will, a trust involves a third party who will hold your property and distribute at a time of your choosing. Finally, wills often have to go through probate, which is a court-administered process of distributing the decedent’s assets. This can be a lengthy and expensive process. You can avoid probate through a trust.
A common misconception of trusts is that they only benefit very wealthy people. The reality is that regardless of the size of your estate, a trust could help you and your family. Some benefits you gain through creating a trust may include:
- Avoiding probate;
- Supporting loved ones with illnesses or special needs;
- Flexibility in estate planning;
- Assurance of a trustee;
- Reducing potential for court battles; and
- Distributing property/assets before your death.
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Talk to us for free about your legal issue. We'll provide you with our legal opinion and help you understand what options you have.
At Kovach Law Firm, we will help you plan the proper distribution of your property upon your death.