Sure you have heard that every person should have a will, but did you know that having a trust can be a much better thing than having a will?
A trust allows you to ensure your loved ones get exactly what you want to leave them.
It protects the assets from being overly taxed, falling in the hands of creditors, or facing other fees — ensuring your loved ones don’t pay to get what should rightfully be theirs.
A revocable trust allows you to set everything up so that your loved ones can manage the assets you want them to have when you cannot.
A trust can be tricky to set up though, so it is wise to find a revocable trust attorney in Tampa, FL to help you.
Read on to learn what a revocable trust is, why it is better than a will, and how to find the best revocable trust attorney in Brandon, FL.
What is a revocable trust?
A revocable trust is a binding legal agreement that you set up to protect your assets.
It is a part of what is called a living trust.
When you set up a trust, you allocate your assets to a trustee to protect and manage.
You can claim yourself as the trustee and have another person who will be the trustee if you become incapacitated or die.
The assets in a revocable trust can be added to or changed throughout your lifetime by the trustee without having to pay additional taxes.
You simply create the trust, designate a trustee (which could be yourself), set the parameters (how long the trust will last, when it gets distributed, or what happens to the asset or trust) and fund the trust.
Funding the trust means that you are putting everything in the trust in the trustee’s name — house deed or bank account, for example.
Trust vs. will — which is better?
It will go into effect when you die and are subject to probate, leaving your loved ones subject to pay taxes, court, and probate fees, plus possibly having to pay creditors with the assets you leave behind.
If you want to protect the assets that you worked so hard to acquire, you will need trust.
A trust allows you to control and protect your assets even while you are alive or mentally capable, depending on your choices.
Unlike a will, a revocable trust can allow your trustee to use your assets to pay for your bills or even file taxes for you if you become unable to do so yourself.
For those who value privacy for the contents of their assets a trust is the right way to go since a will becomes part of a public record.
The biggest benefit of a trust, though, is that it is quite often the easiest and simplest way to transfer your assets to loved ones when you die.
Finding the best revocable trust attorney
When you are ready to set up a trust, do your research to find the best revocable trust attorney in Tampa, FL.
Ask family, friends, or neighbors who they can recommend.
Search online for a revocable trust attorney in Brandon, FL.
Check that they are reputable by looking at their complaints and rating with the BBB.
Look at the testimonies and reviews of their clients.
Ensure they have the right knowledge, education, credentials, Bar Board certifications, and licenses.
Schedule an interview or consultation with the attorney to ensure you are comfortable with them and that they can set up the trust the way you want it.
Talk about the costs for setting up the trust and what that includes.
Ask them about their experiences setting up revocable trusts.
Make sure you are comfortable with the attorney, the cost of setting up the trust, and the attorney’s terms before you sign a contract to work with the chosen attorney.
Just remember that setting up a revocable trust is about protecting the assets you worked so hard for and having flexibility and control over what happens to them.
Trusts allow you to manage your assets better, both while you are alive and when you are no longer able to control the trust.
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