While forms can be found online to create wills and advance directives without the assistance of an attorney, a revocable trust should be prepared by a qualified estate planning lawyer in Oldsmar. The attorneys at Westchase Law have the knowledge and experience to create a revocable trust that will best protect your assets.
A trust is a legal entity that has the power to own assets, invest assets, make money, and pay taxes among other things. A revocable trust means that it can be changed or ended during the lifetime of the creator. The creator of the trust is referred to as the “grantor” and the person named to manage the trust is called the “trustee”. The grantor and trustee can be the same person or different people. The trustee’s job is to manage the trust assets for the benefit of the trust. Careful consideration should be given to selecting a trustee. An estate planning lawyer in Oldsmar can provide direction as to what type of skills and abilities might be useful for a trustee to possess. The trust usually provides for a successor trustee in the event that the original trustee is unable to fulfill the obligation due to death or other circumstance.
Once a trustee and successor trustee are selected, it is time to fund the trust. Simply put, this means placing assets in the name of the trust. This can be done with most assets including bank accounts, investments, and real estate. An estate planning attorney in Oldsmar will evaluate all of your assets to determine the correct process for placing them in the trust. For example, a new deed is necessary to place real estate into a trust. With real estate, there are considerations with regard to mortgages and homestead exemptions that should be discussed with your estate planning lawyer in Oldsmar prior to transferring into a trust.
Contact the attorneys at Westchase Law to find out whether a revocable trust is necessary for your estate planning situation.