Tampa Trusts Lawyer

Most people have heard about wills, but what is a trust? And do you need a trust as part of your estate plan?

Bubley & Bubley, P.A., provides estate planning solutions to individuals and families in Tampa. We know that trusts come in all shapes and sizes, and we can help you identify which type of trust works for your needs. This is a useful estate planning tool which provides surprising benefits. Call us to speak with a Tampa trusts lawyer in an individual consultation.

How Can a Trust Benefit Your Estate Plan?

A trust is a legal way to own property. The person who creates the trust (the “grantor” or “settlor”) will transfer ownership of assets into the trust and list the trust on the title. A trustee then manages the trust assets for the benefit of one or more beneficiaries.

Because the trust is the owner, the asset is no longer part of the settlor’s estate. The trust also isn’t owned by the beneficiary.

We use trusts for a variety of reasons:

• A trust isn’t probated like a will, so it is not a public document. The public cannot gain access to your trust.
• Because a trust doesn’t go through probate, it’s easier for the trustee to provide for family members after death. You can also create a trust for your family while you are living.
• Tax savings. Many people create a trust to reduce the estate taxes their heirs will owe. You can also use a trust to give to a charity, which should reduce taxes.
• Provide for a disabled individual. Many government programs are means tested. If you left assets directly to a disabled person, they might become ineligible for benefits. Instead, you can create a trust which will provide for this person and preserve their eligibility.

These are some of the major reasons to create a trust. Call our firm to discuss if this is an estate planning document that will benefit you. Not everyone needs a trust, and we need to see how it will fit into your overall estate plan.

A basic trust is a living trust, which you can create now, while alive, and serve as trustee. You maintain control of the trust and can move assets in and out or even shut it down. Other common trusts are special needs trusts for disabled individuals and testamentary trusts, which you create with your will at death.

More complicated trusts are irrevocable in nature, which means you can’t easily reverse them or wind them down. Once you transfer the property, it’s out of your control. Many of our clients use irrevocable trusts for tax savings.

Schedule a Consultation with Our Tampa Trusts Lawyer Today

Estate plans provide peace of mind, but it’s critical to create them the right way. At Bubley & Bubley, P.A., we have decades of estate planning experience and are always eager to help more families and individuals in the area. Call us to schedule a meeting with a Tampa trusts lawyer.