The Purpose Of Testamentary Trusts In Tampa Estate Planning

Protecting loved ones and communicating final wishes play an important role in Tampa estate planning. One of the first steps is creating a will, which is something everyone needs. In the event of your death, your will serves as a guide through Hillsborough County Probate Court proceedings, letting you leave property and assets to designated beneficiaries.

However, once you leave assets to a loved one, there is no guarantee of how they will be managed or used. Our Tampa wills-trusts lawyer explains what a testamentary trust is and how it provides additional control and protections.

What Is A Tampa Testamentary Trust?

Creating a trust can play an important part in estate planning, and the Florida Trust Code details the different types and requirements for creating one. It typically involves transferring certain property and assets into the trust to be distributed among loved ones in the event of your death.

A trust can provide guidelines on how these assets are managed, distributed, and used by beneficiaries. There are two general categories of trusts you can choose from:

• A living or inter vivo trust, which is something you create and put into effect over the course of your lifetime. It involves transferring ownership of certain property and assets to a trustee. This provides numerous benefits, including liability protection, and helps in obtaining Medicaid benefits, which can offset long-term care costs.
• A testamentary trust, which is created and included as part of your will and only goes into effect in the event of your death. While it does not provide you with the same protections a living trust offers during your lifetime, it does help ensure assets left for loved ones are managed properly and allows them to be designated for specific purposes.

Do You Need A Testamentary Trust In Tampa?

One of the important benefits of including a trust as part of your Tampa estate planning is that it helps ensure your property and assets are managed properly and used by beneficiaries in accordance with your wishes. Situations in which you will want to consider a testamentary trust include:

• If you have a smaller estate, a testamentary trust allows you to take advantage of important protections.
• If you have small children to provide for, a testamentary trust allows you to name a guardian, provide funds for expenses, dictate how distributions are made, and designate amounts for specific purposes, such as obtaining a college education.
• If you have other vulnerable loved ones, such as an older parent or an adult child with a disability, a testamentary trust helps in managing their inheritance and monthly expenses.

Discuss Your Options With Our Tampa Wills and Trust Lawyer

Trusts often play an important role in Florida estate planning and can help ensure loved ones are protected and provided for properly. To discuss which type of trust is the best option for you, contact Bubley & Bubley, P.A. Request a consultation with our Tampa will and trust lawyer today.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736ContentsIndex.html