Tag Archives: Trust Preparation

As one year ends and the new one beckons, it is time for your annual estate planning check-up!

This is a good time to make sure your estate plan reflects the events in your life, those both within and beyond your control.

  1. Where there’s a Will, there’s a Way. A Will says how you want your assets distributed upon your death. But, don’t just put your will in the safe or drawer and then forget about it.  Review your Will and determine if any changes are needed because of changed family circumstances; for example, is the person you named to be your Personal Representative or guardian still the right one for the job?  Or, maybe one of your children has a problem handling money – should his or her money be held in trust rather than given outright?
  2. Consider a Living Trust. Like a Will, a living trust provides for the distribution of your assets when you die.  But, unlike a Will, a living trust can avoid the probate process – probate involves a Court and can be lengthy and expensive. Trusts are also more private as they are generally not required to be recorded upon death.
  3. Who has the Power? Who have you named in your Durable Power of Attorney and Health Care Directives?  Are they still the right people to handle your finances and make medical decisions if you cannot do so for yourself?
  4. Think about your end-of-life decisions. Do you have a current Living Will that provides guidance to loved ones concerning difficult end-of-life decisions? Does your Living Will discuss tube feeding, artificial hydration, and use of certain medications if you become terminally ill and can no longer speak for yourself?  Make sure your Living Will ensures that all your wishes are met.

 

The Law Office of Debra G. Simms offers free estate planning consultations. Consider bringing your documents to her for a New Year’s check-up! Don’t wait until it’s too late! Call for your free consultation~386.256.4882 or toll-free 877.447.4667.

Trust Preparation 

Debra G. Simms is a law attorney who is certified and registered with the Florida Bar Board and runs her law firm from three locations in the State of Florida. Her first office is at Prestige Executive Center, 823 Dunlawton Ave. Unit C, Port Orange, FL 32129. The second office is located at 629 N. Dixie FW, New Smyrna Beach, FL 32168. Each of the offices operates from 9 am to 5 pm from Monday to Friday.

Debra and her team of qualified and experienced law attorneys can be reached on all working days between these timings at their toll-free numbers as well as fax and local lines. Customers with law related queries can send in their questions by filling out the form on their website and will be reverted to within two working days

Even though Debra herself specializes in elder law, the law firm of Debra Simms offers a wide variety of legal services including powers of attorney, drafting of wills and probates, guardianship related disputes, estate planning, health care directives, trust preparation and much more.

What is the concept of a trust?

A trust is a kind of promise or guarantee or declaration given by one person called the author of the trust or the trustee to another person called the beneficiary to protect, look after or take care of certain movable or immovable property belonging to the beneficiary for a certain stipulated period of time for and on his behalf or benefit. The rights, duties, obligations and liabilities of both parties are put into writing in the form of a deed called a trust deed. The property which will be looked after or administered is called the trust property. The fund or corpus that both parties will contribute money to look after the property is called trust fund. The person/s who will be in charge of managing the trust property or trust money will be the trustees.

What is a revocable trust?

A revocable trust is similar to a living will. It is a document in which one party called the settlor or grantor can transfer or express how he would like his property to be managed, transferred or distributed to his legal heirs during his lifetime (in the case of incapacitation, mental illness, etc.) or after death. Any person can be the trustee except a minor. The people to whom the trust property/assets/money will be left to are called the beneficiaries who could be the legal heirs or successors of the settlor or even charities.

What is a pet trust?

Trust funds can be created even for pets that you may leave behind in the event of your premature or unexpected death. By drafting a pet trust, you as the owner of a pet can leave behind a certain sum of money or property to any trusted person called the trustee which will be used in the proper caregiving and managing of your pet and its expenses who is the beneficiary. All the legal rights, obligations, duties and liabilities of the trustee will be put in the written form in the pet trust deed.

The lawyers at Debra G. Simms’s law firm will assist you in drafting your pet trust, special needs trust, and revocable trust deeds while understanding your legal rights, liabilities and obligations. Visit their law firm today for all your trust preparation legal services.

To contact attorney Debra G. Simms, P.A. in Port Orange or New Smyrna Beach, FL please call 877.447.4667.

Contact Us

Port Orange Office:
Prestige Executive Center
823 Dunlawton Ave. Unit C
Port Orange, FL 32129
Local: 386.256.4882
Toll Free: 877.447.4667
New Smyrna Beach Office:
629 N. Dixie HWY
New Smyrna Beach, FL 32168
Local: 386.256.4882
Toll Free: 877.447.4667