Estate And Trust Attorneys In West Palm Beach

End of life planning is always complex, but it’s absolutely essential, and at Elder Law, we offer the guidance you need to help you select the best options for estate planning and prepare all of the necessary legal documents for your financial security.

Our trust planning and administration services are the ideal way to build one that will give your estate the flexibility you need.

The Benefits Of A Trust

A trust is simply a legal document that lets you decide how certain assets are distributed after you’re gone.

The assets you put in are deemed “trust property,” and the individuals you leave them to – the beneficiaries – will get them eventually. When you create one, the person you name to manage it is the trustee.

There are many reasons you may want to consider getting it. They offer you a level of flexibility that other options don’t.

They can work for you while you’re alive. They also help avoid the probate process, which can save your loved ones quite a bit of money. Additionally, they’re tax exempt.

More than that, though, they give you a level of privacy a will doesn’t. Wills must be settled in court. Trusts, though, don’t go through the probate process, so they remain private.

There are many different kinds , so no matter what is currently in your estate, there’s likely one that makes sense for you.

From those that are made to benefit your family after you die to those that can be changed and amended during your lifetime, you can create one any time you want specific delivery terms around a given asset.

At Elder Law, we not only create them during the end-of-life planning process, but we’re also available as attorneys in Florida.

If you’re dealing with the loss of a loved one, understanding the legal issues that come with administration can be frustrating.

Trustees have certain steps to follow at specific times, and attention to detail is an absolute must in this situation. The assistance of an estate planning attorney can be invaluable in this setting.

If I’ve Been Named As a Trustee, What Comes Next?

One of the most common frustrations trustees have is that they’re not sure what to do after the death occurs.

This is where a trust administration attorney is most important. As a trustee, you may have a variety of different responsibilities, depending on the terms .

It will be up to you to notify the beneficiaries and heirs. You’ll need to get a IRS Tax ID Number .

You’ll be responsible for the associated taxes like the final income tax return and the income tax return as long as it remains open, and you may need to handle other tasks like opening a bank account for the trust, and marshall all of the assets together.

For Those Interested In Creating a Trust: Having the right team to advise you throughout the process is a must to be sure that it is the right choice and your assets are properly protected throughout. At Elder Law, we’ll explain all of your estate planning options so you know that you’re making the right decision.

For Trustees: Trust administration begins by notifying everyone within 60 days. That’s not much time. The moment you begin your duties as a trustee, we’ll be there to help you understand which steps to take and how soon you need to take them. We’ll walk you through the entire process and handle as much of it as we can to help take the burden of trust administration off of your mind.

Whether you’re just beginning to think about estate planning or you’re ready to connect with a team that offers the right services, the South Florida Attorney to call is Elder Law. We have the experience necessary to help you accomplish your goals and more.