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Establishing a Trust

Strictly speaking, trusts are essentially rights to property that are held in a fiduciary relationship by one party on behalf of another (usually to that person's benefit). Trusts can be established in one of two ways, and a Clearwater estate planning attorney may help you sort through whether creation of a trust, whether revocable or irrevocable, is desirable for you.

Some individuals may choose to create a trust during their lifetime. Trusts that are created in this manner are designed to survive the passing of their creator, at which time they will be enforced as predicated in the conditions stipulated within the documented material. Trusts can also be created from the terms of a will, and these trusts will be drafted and formed after a person's passing.

Types of Trusts

The two most common types of trusts are revocable and irrevocable. An irrevocable trust cannot be altered, modified or changed in any way. According to the terms specified in an irrevocable trust, no one - including the trust maker - will be permitted to remove property form the trust. A revocable trust, on the other hand, can be altered, modified, or changed. It can also be revoked altogether. Revocable trusts are often referred to as living trusts because the maker is the one transferring titles, serving as the initial trustee, etc. When this type of trust is enacted, it is an effective way to avoid probate .

Other trusts that may be available to you include:

  • Asset Protection Trusts
  • Charitable Trusts
  • Constructive Trusts
  • Special Needs Trusts
  • Spendthrift Trusts
  • Tax By-Pass Trusts
  • Totten Trusts

Weighing Your Options

As you consider establishing a trust in Clearwater, FL, you will need to weigh more options than just deciding whether or not a trust is right for you. Included in your decision making should be the estate planning lawyer you will utilize when completing the process. As you can see, there are several different types of trusts and determining which will type is right for you can be difficult, especially if you are unfamiliar with the legal system and all of its dealings. That is where I come in. I can evaluate your situation and help you determine which trust best fits your needs. From there, we can work towards creating the trust in a manner most conducive to your facts, circumstances and goals.

At The Law Office of Gary G. Carpenter, you will not be treated as a case file or case file number. You will be provided with legal representation from an attorney who prides himself on personalized attention for clients. Whether you have general questions that you would like answered or you have already decided that you are establishing a trust, you can call my office today for a free case evaluation. Together we can create a plan that works best for you and work towards developing a trust that will satisfy your legal needs and objectives.

The Mercury Insurance Building, 1901 Ulmerton Road, Suite 400, Clearwater, FL 33762

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Address: The Mercury Insurance Building, 1901 Ulmerton Road, Suite 435, Clearwater, FL 33762 Phone: (727) 424-2279