Trusts in St. Petersburg, Clearwater, Tampa, Sarasota and surrounding West Florida areas.
A trust is a document that establishes how assets are managed during one’s lifetime and how remaining assets are distributed after death. The most common type of trust is a revocable trust, which means that the trust can be modified or terminated by a competent grantor during his or her lifetime. The grantor can either serve as the trustee, or a person, bank, or trust company can be appointed, and is responsible for the management and investment of the trust assets, which can usually be withdrawn by the grantor at any time, depending on the terms of the trust agreement. In the event of the grantor’s death, the trustee must pay all claims and taxes, and then distribute the trust assets to beneficiaries according to the terms of the agreement without going through the process of probate.
One of the main advantages of creating a trust is to avoid probate administration upon death, as the trustee has immediate authority, as well as a duty, to manage and distribute trust assets, and does not need to be appointed or approved by a court. Sometimes it is necessary to have a “pour over” will that transfers any probate assets to the trust after death to completely avoid the probate process.
If you need assistance with or have concerns about trusts, please contact our office, as our attorneys routinely plan trust documents for clients in St. Petersburg, Clearwater, Tampa, Sarasota and the surrounding West Florida areas.