Trusts Lawyers in Orlando Creating Trusts That Fit Your Needs

There are many reasons to create a trust. But the most common reason is for estate planning purposes. It allows you to divide your assets among family members or other beneficiaries and distribute them according to your wishes at the time of your death. A lot of people think that trusts are only needed by wealthy people with a lot of assets. But this isn’t always the case. People of all income levels can benefit from trusts, especially if they have children or grandchildren. Trusts can also be used in situations where one or both spouses have been abusive, financially irresponsible, or addicted to drugs or alcohol. In these cases, the remaining spouse may want a portion of the couple’s assets protected from their former partner should they divorce again in future years.

If you’re thinking about creating a trust, it’s important to consult with an experienced estate planning attorney. At Morey Law Firm, P.A., we have years of experience helping people in Orlando create trusts that fit their specific needs and goals. We’ll take the time to listen to you and understand your unique situation before making any recommendations. We understand that creating a trust can be a difficult decision, but it’s one that can provide peace of mind for you and your loved ones. Contact us today to learn more about how we can help you establish a trust for your family. Get in touch with our trusted team of lawyers by calling (407) 426-7222 and book a consultation with our law firm.

What are Trusts and How Do They Work?

Trusts are a special type of legal entity which can be created for various purposes, including creating an estate plan. Trusts typically have three parties: the person who creates or funds the trust (the settlor), one or more people called trustees who administer and manage the property on behalf of the beneficiaries, and any beneficiaries under the terms of that particular trust. The creator or funder is often referred to as either a “grantor” (if they transfer assets to another person) or a “settlor” (if they only give gifts). The term “beneficiary” refers not just to those who will benefit from its provisions but also to those entitled by law against it. In many instances, this may include persons related by blood, marriage, or adoption to the person who establishes the trust.

There are also many different types of trusts, depending on your needs. These include but are not limited to:

Living Trusts

A living trust is a type of trust that is created during your lifetime, as opposed to a testamentary trust, which is created at your death. A living trust allows you to control the distribution of your assets while you’re alive and also allows you to avoid probate upon your death.

One of the main benefits of a living trust is that it allows you to avoid the time and expense of probate. A living trust also allows you to remain in control of your assets even after you’re no longer able to manage them yourself. The trustee you appoint will have the authority to make decisions on your behalf and distribute your assets according to your wishes.

Revocable Trusts

A revocable trust is a type of living trust that can be changed or revoked by the settlor at any time. This type of trust is ideal for those who want more control over their assets and don’t want to lose access to them should they need them in the future.

Irrevocable Trusts

An irrevocable trust, on the other hand, is a type of trust that cannot be changed or revoked by the settlor. This type of trust is ideal for those who want to give up control over their assets and want to ensure that they will be distributed according to the terms of the trust.

Special Needs Trusts

A special needs trust is a type of trust that is designed specifically for those who have a disability. This type of trust allows the beneficiary to receive government benefits while still receiving financial assistance from the trust.

Spendthrift Trusts

A spendthrift trust is a type of trust that is designed to protect the assets of the beneficiary. This type of trust can help prevent the beneficiary from squandering their assets or becoming overwhelmed by their debts.

If you’re thinking about creating a trust, it’s important to consult with an experienced trusts lawyer. At Morey Law Firm, our team of experienced lawyers can help you choose the trust that’s right for you and your family.

Why Do Most People Create Trusts?

There are a number of reasons why people create trusts, but some of the most common reasons include:

Avoid Probate

One of the main reasons people create trusts is to avoid probate. Probate is the legal process that takes place after someone dies and can be a lengthy and expensive process. A trust allows you to bypass probate and distribute your assets according to your wishes.

Preserve Assets

Another reason people create trusts is to preserve their assets. When you create a trust, you’re essentially putting your assets in a safe place. This can be especially beneficial for those who want to ensure that their assets will be distributed according to their wishes after they die.

Provide for Their Children or Grandchildren

Many people create trusts to provide for their children or grandchildren. A trust can be a great way to ensure that your children or grandchildren will be taken care of financially after you’re gone.

Set up a Trust for a Disabled Family Member

A special needs trust can be a great way to provide for a family member who has a disability. This type of trust allows the beneficiary to receive government benefits while still receiving financial assistance from the trust.

Qualify for Government Benefits

Some people create trusts in order to qualify for government benefits. A trust can be a great way to ensure that you receive the benefits you’re entitled to.

If you have questions about trusts or need help creating a trust for your family, please don’t hesitate to contact our law firm. We would be happy to help you get started.

Why Should I Hire a Trusts Attorney?

A trusts attorney can help you choose the right type of trust for your needs and can help you set it up according to your wishes. They can also provide guidance on how to best manage and distribute the assets in the trust.

Which Trusts Lawyer Should I Hire?

Choosing the right lawyer to help you with your trust can be a difficult decision. You need to find someone who you can trust and who has the experience and knowledge to help you create a trust that will meet your needs. Here are some things to consider when choosing a trust lawyer:

Experience – Make sure the lawyer you choose has experience creating trusts. They should have a good understanding of the different types of trusts and how to best use them to meet your needs.
Trustworthiness – It is important that you trust the lawyer you choose. They will be handling important documents and information about your trust, so you need to feel confident that they will handle it responsibly.
Location – Consider whether you would prefer to work with a lawyer who is located near you or one who is located further away but has more experience with trusts.
Communication style – Make sure you are compatible with the lawyer’s communication style. You should be able to easily communicate with them about your trust and any questions or concerns you have.

When it comes to estate planning, one of the most important decisions you’ll make is choosing a legal professional. Not all estate planning lawyers are created equal, so it’s important to choose someone who has experience with the type of trust you’re interested in. At Morey Law Firm, we have experience with all types of trusts and can help you choose the right trust for your needs. Contact our experienced and dedicated law firm today at (407) 426-7222.