Palm Beach, FL Trust Attorney

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When you are creating your estate plan and deciding what you want to leave behind and to whom, another question you might want to consider is how you want to leave these assets. A will allows you to dictate your wishes, but there are other tools that can supplement and strengthen the instructions you enshrine in it.

When you work with an experienced Palm Beach trust attorney such as those at Elder Law, P.A., you can create trusts that will allow you to have a greater degree of control over what you pass down and how your beneficiary will receive those assets. Reach out to schedule a free initial consultation and learn how we can help you establish a trust that will complement your overall estate planning goals.

Palm Beach Trust Attorney

Types Of Trusts

A trust is a legal document that holds assets for you and distributes them according to a certain set of parameters. To this end, there are different types of trusts that you can choose from depending on what you want to accomplish. Here is a representative sample of trust options that are available to you and an overview on how they operate:

  • Revocable trust: This type of trust allows your assets to bypass probate, allowing them to reach your beneficiary when you pass. With this type of trust, you can alter its assets, change the way it functions, or cancel it altogether.
  • Irrevocable trust: This trust operates in some ways like a revocable trust, with the important distinction that, once it has been established, it generally cannot be altered. Once you put your assets into this trust, you have essentially transferred your ownership of them to the trust to be delivered to your beneficiary.
  • Spendthrift trust: This type of trust is perfect for the person in your life who does not have great financial management skills. It regulates the way your beneficiary is able to access the funds according to your instructions. Therefore, your beneficiary will receive the assets a little bit at a time over a set schedule.
  • Special needs trust: If you have a person in your life who you foresee needing speciality care for the rest of their life, you can set up a special needs trust that will give them access to funds without jeopardizing their qualification for necessary healthcare. Medicaid, for example, allows the user to only hold a limited amount of assets at a time–a special needs trust is the perfect way to bypass this stipulation.
  • Charitable trust: There are several different varieties of charitable trusts and each one allows you to decide how you want to leave your assets to your chosen charity.

A trust is beneficial when used in conference with a will because trusts are a more private option, delivering your assets immediately to your beneficiaries without having to be validated by probate.

How Can A Palm Beach Trust Attorney Help Me?

If you want to establish a trust, you can do so with the help of our experienced Palm Beach trust attorney, who will get to know your estate planning goals and help you decide what type of trust is going to work best for your specific circumstances.

On the other hand, if you are a trustee, meaning that you are responsible for managing a trust after a loved one has passed away, Elder Law, P.A. can help you with the legalities that administration entails. Our attorney can help explain the process to you, walk you through the proper procedures, and ease your burden as much as possible.

Trust Elder Law, P.A. With Your Trust Needs

When it’s time for you to make your estate plan, Elder Law, P.A. can provide you with comprehensive service. Our attorney can give you the information you need to decide on a trust that will fulfill your goals and fit with the rest of your estate plan. Reach out to schedule a free initial consultation and learn how we can help you establish legal tools that will be beneficial to your loved ones.

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Palm Beach, FL Practice Areas

Natalie was amazing handling my dads medicaid application process, easy to communicate and we found the process very straight forward with their guidance. We would highly recommend their services to everyone who is in need of elder law, with our family all working full time and busy lives they gave us a peace of mind knowing they were working on getting things done.

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Ryan really cares about his clients, and it shows in the way that he advises them. He is extremely knowledgeable about elder law, and explains the rules in a clear manner. The issues can be difficult on family members to discuss, and he handles the material in a compassionate manner.

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Elder Law, P.A.

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