This article is being written to conclude and recap my series on the use of living trusts as part of a Florida estate plan. I considered it important to write on this topic due to the fact that “estate planning” is a broad term and, unfortunately, many individuals are often unsure of what it entails. This lack of clarity can result in heirs and loved ones being subjected to the probate process unnecessarily. I wrote this series, therefore, with the goal of providing information which will help people to better understand their situation. It has also been my goal to provide information which will assist with the selection of an attorney. If you are in need of assistance then contact my office today to speak with a Melbourne estate planning lawyer.
I addressed a number of topics over my recent articles. Issues which I analyzed included the following:
- Placing rental real estate in a living trust
- How living trusts make an estate plan more flexible
- Protecting heirs from themselves with a living trust
- Planning for the long-term care of loved ones
I addressed these particular topics for multiple reasons. First, the probate process will require that all assets be sold as soon as possible. This means that assets, such as investment real estate, cannot typically be retained for the purpose of generating continued revenue. The use of a trust allows for this option. Second, a trust can be used to distribute wealth over time, instead of all at once. Third, it is common for one to be worried about problematic heirs suddenly receiving an inheritance. This is especially true if loved ones suffer from addiction issues or are highly irresponsible. A trust can be used to ensure that they meet certain requirements before they receive their proceeds. Finally, such an instrument can be set up in a way which allows for loved ones to receive support for a prolonged period of time.
If you or a loved one are in need of assistance then contact my office today to speak with an estate planning attorney. I understand the importance of decisions such as these and my office will work to ensure that you are aware of all of your options. I will draft your estate plan in a way that is consistent with your goals and will help you keep it up to date. I pride myself on providing quality representation and look forward to being of assistance. Call today to speak with a Melbourne lawyer.
My firm also services Florida clients in the Brevard County cities of Titusville, Cocoa, Palm Bay, Grant, Valkaria, and Rockledge, as well as in the Indian River County areas of Fellsmere, Sebastian, Vero Beach, Indian River Shores, and Orchid. We are also able to virtually work with clients throughout the state.