What Types of Trusts are available in Florida?
Estate planning is a critical process for protecting your assets and ensuring your family’s future. Trusts are a versatile tool in this process, offering tailored solutions to meet specific goals. At Pyle, Dellinger & Naylor, PLLC, we help individuals in Daytona Beach, FL, and surrounding areas choose the right type of trust to suit their needs. Below, we discuss some common types of trusts available in Florida.
Revocable Living Trusts
A revocable living trust allows the grantor to maintain control over the grantor’s assets during his or her lifetime. It offers flexibility, as it can be amended or revoked at any time. Upon the grantor’s passing, the trust’s assets are distributed according to its terms, avoiding probate and maintaining privacy.
This type of trust is ideal for those seeking to simplify the estate administration process for their beneficiaries. For legal guidance in creating a trust that meets Florida’s legal requirements, consult Daytona Beach, FL trust attorneys who can assist you in crafting a comprehensive plan.
Irrevocable Trusts
An irrevocable trust cannot be changed or revoked once established, making it a powerful tool for asset protection and estate tax planning. It is commonly used to protect assets from creditors or qualify for Medicaid.
Individuals looking to safeguard their assets or reduce estate tax liabilities often benefit from irrevocable trusts. Experienced Daytona Beach, FL will and trust attorneys can help ensure these trusts align with your long-term goals.
Testamentary Trusts
Testamentary trusts are created through a will and become active only after the grantor’s death. They are often used to manage assets for minor children or beneficiaries needing assistance with financial oversight.
A testamentary trust can ensure responsible distribution of assets while protecting your loved ones. Discussing this option with a qualified Daytona Beach, FL estate planning attorney is essential to ensure it reflects your wishes.
Special Needs Trusts
A special needs trust allows families to provide for a loved one with a disability without jeopardizing his or her eligibility for government benefits like Medicaid or Supplemental Security Income (SSI). These trusts require careful drafting to meet federal and state requirements.
Families in Florida frequently rely on special needs trusts to secure the future of their loved ones. For personalized assistance, trust Pyle, Dellinger & Naylor, PLLC to guide you through the process. Visit our practice areas for more information.
Take Control of Your Estate Plan
Choosing the right type of trust is a key step in securing your family’s future. At Pyle, Dellinger & Naylor, PLLC, we assist clients throughout Volusia and Flagler counties in creating trusts that reflect their priorities. Whether you need a revocable trust, special needs trust, or testamentary trust, our firm provides personalized attention and reliable solutions.
Contact Us for Trusted Legal Support
If you’re ready to explore your estate planning options, contact us today. Pyle, Dellinger & Naylor, PLLC has over 25 years of experience serving individuals and families in Daytona Beach, FL, and beyond. Let our firm help you make informed decisions about your estate. Visit our contact page to get started.
