If you are residing in Volusia County or New Smyrna Beach or Port Orange or Daytona area or anywhere in the surrounding areas, chances are you are in need of a trust lawyer. There are a number of registered law firms in these areas. You will come across a law firm or an attorney who will be of help to you. Many people require trust lawyers while making an estate plan.
Trusts are actually tools required for estate planning that can act as a substitute for your will after your death. It also has the capacity to help manage your property while you are living. The trust will manage the distribution of your property. It will also ensure that all benefits are transferred and the various obligations are fulfilled. A trust is very popular in property distributions.
Creating a trust
The first step of creating a trust involves the property owner or ‘grantor’ or ‘trustor’ transferring the legal ownership of the property to the ‘trustee’ (an individual or an institution). The trustee will be given the responsibility of managing the property on behalf of the ‘beneficiary’. The trustee will be compensated for his or her or its managerial role. A fiduciary relationship is created between the trustee and the beneficiary.
Kinds of trusts
Generally speaking, there are two major kinds of trusts – testamentary and living.
Testamentary trust – In this kind of a trust the property is transferred to the trust only after the death of the owner or grantor. A testamentary trust is part of a will. It is not created after the death of the owner. So the trust property has to go through a probate process. Through this trust, the owner has the power to enforce certain conditions and can control the payment and receipt of benefits even after their death.
Living trust – As the name suggests, this trust comes into effect while the grantor or owner is still living. It is also known as ‘inter vivos’ trust. A probate process may not be required for the living trust if the assets that would have been otherwise put through probate are transferred to the trust before the death of the owner. A living trust may be revocable or irrevocable in nature, i.e. the owner may or may not make changes to the trust after its commencement.
There are a number of different types of trusts under these two broad categories of trusts. Asset Protection Trust, Charitable Trust, and Special Needs Trust are some such trusts. There are also some trusts called the Spendthrift Trust, Totten Trust and Tax By-Pass Trust.
Understanding the different kinds of trusts and their functions can become a bit complex. You will need the help of an experienced and thoroughly qualified attorney. If you are a resident of Volusia County and require help with the setting up of trusts or want to understand the laws related to it, get in touch with Debra G. Simms’ law firm. Take a look at the website https://www.simmslawfirm.com/.