When You Need a Trust, Whom Do You Trust?
Melbourne trust lawyers at Mommers & Colombo, Attorneys at Law
A trust can seem complicated and does require a knowledgeable Melbourne trust lawyer, but the premise is simple. You devise an agreement asking someone else to watch over your property, which you transfer into the trust. Upon your death, the property is passed on to your beneficiaries. Essentially, any assets placed in the trust no longer belong to you. Some of the benefits of a trust include avoiding probate, protecting assets from estate taxes, protecting assets from creditors, providing for family members with special needs and charitable giving.
When the time comes to create a trust, you will need an experienced Cocoa trust attorney. Our trust attorneys at Mommers & Colombo, Attorneys at Law have been creating trusts as part of our estate planning practice for more than 17 years. Our skilled attorneys sit with you to discuss your assets and determine what you hope to accomplish. There are different types of trusts, including living, testamentary, revocable and irrevocable. We explain all your options so that you can make decisions that are right for you.
Types of trusts
As stated earlier, there are many different types of trusts. Your Melbourne attorney is here to help you decide which type is best for you. Some of the most common trusts include:
- Living trust — You assign an individual (the trustee) to hold legal title to your property for another person (the beneficiary). You can be the trustee of your own living trust, keeping full control over all property held in trust. Living trusts can help you avoid probate, reduce estate taxes or set up long-term property management.
- Testamentary trust — Developed as part of your will, a testamentary trust is the same as a living trust except it does not become active until after your death.
- Revocable trust — This allows you (the grantor) the ability to make changes to your trust whenever you see fit.
- Irrevocable trust — This type of trust cannot be altered or amended in any way once it is created.
There are benefits and drawbacks to every type of trust, so it’s up to you and your trust lawyer to decide which option is best for you. Whether you need a Melbourne special needs trust or something simple and straightforward, the attorneys at Mommers & Colombo, Attorneys at Law can help.
Call a Florida trust lawyer today
Call Mommers & Colombo, Attorneys at Law at 321-751-1000 or visit our contact us page.
Office Location2351 West Eau Gallie Boulevard, Suite 8 Melbourne, FL 32935-3114