Gainesville Trust Attorney
What is a trust attorney?
A trust attorney is a lawyer whose practice focusses on the drafting of trusts. Often this will be an estate planning attorney, as trusts are often utilized as an estate planning tool. A trust attorney pays close attention to the language used in a written trust document, as the words used in the trust will determine how the trust is interpreted and what the trust does. A trust attorney must also think through the ramifications of a trust and how it will impact the attorney’s client and the client’s assets. Thus, a trust attorney must be skilled legal writer and planner.
What are the different kinds of trusts?
At a high level, there are two kinds of trusts: Inter Vivos Trusts and Testamentary Trusts. An inter vivos trust is created during your life. A testamentary trust is created after death by your will.
Within those two broad categories, there many different types of trusts that can be used for a number of purposes. For example, a revocable living trust is an inter vivos trust typically used to lessen a person's probate estate. Pet trusts are also typically inter vivos. On the other hand, a special needs trust can be either inter vivos or testamentary, and it is used to help preserve the government benefits of a disabled individual. A discretionary trust can also be either inter vivos or testamentary, and it gives the trustee broad discretion as to when trust assets are distributed, often for asset protection purposes. And these just scratch the surface when it comes to the different kinds of trusts you could create.
What is the purpose of a trust in estate planning?
Trusts are primarily used in three ways for estate planning: asset protection, probate avoidance, and special needs planning. A trust can be used to protect assets from your beneficiaries’ creditors when the trust is property drafted with a spendthrift clause and a discretionary distribution standard. The idea is the assets in the trust can be protected if your beneficiary gets into debt or gets divorced. A trust can be used for probate avoidance when you properly fund a trust created in your lifetime. These trusts are used to reduce the total value of a probate estate to save on probate expenses and avoid some of the inconvenience probate necessitates. Finally, a trust can be used for special needs planning when it contains the right language to preserve the government benefits of the beneficiary. These trusts are useful when a beneficiary is disabled and receive benefits such as Medicaid or Supplemental Security Income.
How do I get a trust in Gainesville, FL?
To get a trust, you should speak with a local trust attorney. Blakely Moore focusses his practice on estate planning and elder law, two areas that rely heavily on trusts. Blakely spends a lot of time studying and writing about Florida trust law, and he loves to get the opportunity to help his clients find the right trust for their needs. If you think you might need a trust, set up a free consultation to discuss your needs.