Wills & Trusts Preparation
The establishment of a living trust with pour-over will, whether for an individual or a family, is the best practice for avoiding lengthy and costly probate proceedings and ensuring continuity and financial privacy in estate planning. It also helps avoid unnecessary taxes and can facilitate long-term management of various types of real or personal property. In order to properly set this up, you will need to contact an experienced Tampa wills and trusts attorney.
Document preparation services make it appear that the process of creating a will is easy. As a result, many people mistakenly believe that their estate planning needs can be met by simply filling in the blanks in canned documents. What they don’t realize is that do-it-yourself wills and trusts planning is fraught with risk. So much so that even an educated consumer can be lulled into a false sense of security by a document with significant flaws.
There are pros and cons to setting up a living trust; they will not appeal to everyone. But if you are one of many to whom they are appealing, there are some important steps you need to take to make sure your living trust is set up properly. And one of the most important is selecting the right Tampa wills and trusts attorney. When you set up a living trust, you transfer ownership of your titled assets from your individual name to the name of your living trust, which you control. The attorney you select prepares your living trust from your decisions about what you want to happen to your assets if you become incapacitated and when you die.
Trust documents are usually prepared from standardized trust forms. Your Tampa wills and trusts attorney will probably not need to create something completely new and customized for you. This may sound pretty simple, and it is, as long as you use an estate planning attorney who is experienced doing living trusts and can make the necessary modifications to handle your family’s situation. It is very important that your living trust is done properly.
Our firm provides reasonably priced legal services relating to all estate planning, including but not limited to the preparation of living trusts and wills. Before moving forward with preparation of a trust or will, contact the Tampa wills and trusts attorneys at Kemp, Ruge & Green Law Group. Our attorneys understand the complexities of estate planning and can help you prepare your living trust or will.
What is a Living Trust?
A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. You can be the trustee of your own living trust, keeping full control over all property held in trust. A “living trust” is simply a trust you create while you are alive, rather than one that is created at your death under the terms of your will.
Do I need a living trust?
The main advantage of making a living trust is to spare your family the expense and delay of probate court proceedings after your death. Other advantages of a trust are:
- Confidentiality – A will and the subsequent probate proceeding are public information. If you don’t want the public to know how much you had and who you left it to, you should create a trust, which assures your privacy.
- Minimize Estate Taxes – If your estate exceeds the credit shelter amount (currently $2 million), you need a trust to save you from paying money needlessly to the IRS.
- Respected by financial institutions – Trusts have been around for hundreds of years and are respected by all financial institutions, whereas powers of attorney may not be recognized by banks and brokerage houses.
- Protect the interests of minor children – When children inherit under a will, they will need a court-appointed guardian to manage the money for them until they are age 18. Then they will receive all of the money at once. Through a living trust, you can decide when and how children will inherit.
If you are concerned about protecting your assets and your loved ones in the event of your death, then our wills and trusts attorneys in Tampa can help you. Contact us today.