A trust is a legal document often created by an individual to assist in the distribution of real estate or other assets in the event of their death. Trusts are an excellent way to administer financial planning and the documentation can be very specific regarding how assets will be distributed. There are a variety of different types of trusts which may be created depending multiple factors and circumstance. This is why it is best to retain experienced legal council. Your estate planning attorney can determine which trust is best for your unique situation.
Testamentary trusts are designed to dictate the distribution of assets after that person passes away. Inter vivos trusts differs most notably in that they allows for distribution of assets while the trustee is still alive. Furthermore, trusts can be modified to be revocable, meaning a trustee may dissolve the trust at a later time, whereas an irrevocable trust cannot be dissolved. All types of trusts have different benefits, but all are designed to help make the probate process proceed more smoothly and plan ahead for your family.
Those interested in setting up a trust should first discuss the matter with a qualified legal professional who can provide intelligent, insightful advice along with recommendations regarding your best options. Wollman, Gehrke & Solomon, P.A. has a long record of successfully creating secure, detailed and efficient trusts that make probate matters easier in a variety of scenarios. Our skilled legal team works closely with clients throughout Naples and the surrounding areas to provide sophisticated, dependable estate planning solutions.
CONTACT THE FIRM to schedule a confidential initial consultation to further discuss trust administration and any other estate planning need.