Law Offices of Lisa L. Ledbetter, Esq.: Drafting and Reviewing Trusts in Daytona Beach
Wills are typically regarded as the backbone of estate plans, but in some cases, trusts prove more beneficial. If you think a trust is the right solution for your estate, seek counsel from a knowledgeable Daytona Beach estate planning attorney. Your lawyer can help you make critical decisions and draft a trust that accomplishes your financial goals.
What Is a Trust?
A top estate planning strategy, trusts allow property owners to grant trustees the right to hold property on behalf of selected beneficiaries. Each trust features detailed rules regarding the circumstances under which assets will pass from trustee to beneficiaries.
Types of Trusts
Multiple types of trusts are available, but no one approach is ideal for every client. The two main categories? Revocable and irrevocable trusts. Revocable trusts can be changed after they’re made official. The person who forms the trust (also known as the grantor) may also serve as trustee. The chief downside of revocable trusts: the grantor does not enjoy credit protections and cannot avoid estate or inheritance taxes.
Irrevocable trusts are less flexible than their revocable counterparts, but often more financially prudent. Once signed, these trusts cannot be changed. They can be used to accomplish a variety of goals, such as:
- Credit protection
- Shielding assets from estate planning
- Providing for special needs family members
- Planning for charitable contributions
Trusts and Avoiding Probate
For many clients, the chief goal in creating a trust is to help beneficiaries avoid the probate process. Probate (which involves validating a will) is notoriously frustrating, particularly for the executor. With the right trust setup, it’s possible to efficiently pass on property without facing difficult courtroom proceedings.
Your Daytona Beach Trust Attorney’s Role
If you’re thinking of developing a trust, it’s imperative that you consult with a skilled Daytona Beach trust attorney such as Lisa Ledbetter. Your attorney can help you determine if a trust is the right solution for your estate — and if so, whether a revocable or irrevocable trust is preferable. In drafting your trust, your attorney will pay close attention to your financial and personal goals.
Ready to learn more about trusts and the role they could play in your estate plan? The Law Office of Lisa L. Ledbetter, Esq. can help. Reach out today to schedule a case consultation.