Your Florida Trust Frequently Asked Questions

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A closer look at Florida trusts - what are the types of trusts available to you and how they can fit your individual goals and needs.

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Your Florida Trust Frequently Asked Questions

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Trusts

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What Is A Trust?

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Trusts are some of the most useful estate planning tools available today

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They essentially operate as independent legal entities you can create for a number of purposes

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Benefits

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What Does a Trust Allow Me to Do?

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That depends on the specific type of trust you create

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Some trusts, for example, allow your estate to avoid probate

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while others can ensure that someone will manage the inheritance you give to your grandchild until the child is old enough to manage it on his or her own Some trusts, for example, allow your estate to avoid probate

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Creation

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What Types of Trusts Are There?

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It would take too long to go over each of the specific types of trusts available to you

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However, it’s easy to distinguish between trust by categorizing them in terms of when you create them

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A trust you create that takes effect while you are still alive is known as a living trust

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while one that takes effect only after you die is known as a testamentary trust A trust you create that takes effect while you are still alive is known as a living trust

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Changes

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Can I Change a Trust After I Created?

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Possibly

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If you create a revocable trust you can change the trust terms whenever you like Possibly

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An irrevocable trust , however, does not allow you this option

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Operation

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How Do the Trust Work?

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When you create a trust you take some of your property and transfer it into the trust’s name as the new owner

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You name a trustee who will manage that property, and also choose beneficiaries who are able to use or benefit from the trust property

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You also get to determine the specific rules or conditions under which the trust operates

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Parties

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Who Is the Trustee and the Beneficiary?

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That also depends on the type of trust you create

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In some trusts, for example, you might serve as both the trustee and the beneficiary

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In others, you might appoint a bank to serve as trustee and name your grandchildren, other family members, or even a charity as the beneficiaries

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Many Options

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How Do I Decide What Trust Is Right for Me?

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It’s very hard to know this unless you have a lot of experience dealing with trusts

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Talking to an experienced estate planning attorney who knows the types of trusts available to you and how they can fit your individual goals and needs is an essential step

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Learn More About Florida Trusts

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Robert J Kulas , PA Attorneys at Law www.kulaslaw.com (772) 398-0720

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