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Trusts Law in Saint Augustine, and more globally in the United States, helps to manage the passing on of assets and property. Trusts are legal entities that hold assets provided by the trustor (the person who creates the trust) to benefit a designated beneficiary. The assets are managed by a trustee. Trusts can range from simple laws concerning gifts to complex tax avoidance measures.
Having a lawyer assist with the establishment of trusts can ensure the trust is created legally and the assets are properly protected. If you're dealing with a large amount of property, a lawyer can guide you through tax implications and potential pitfalls connected with creating a trust. Lawyers can also help you navigate the complexities of trust law if you're the beneficiary, for example, if you need to contest the trust or clarify your rights within the trust.
In Saint Augustine, like in the rest of Florida, trusts are governed by the Florida Trust Code. This code outlines types of trust (revocable, irrevocable, etc.), the duties of trustees, and the rights of beneficiaries. Important to note is the Successor Trustee Law, which governs who takes over management of a trust if the original trustee can no longer serve.
A revocable trust can be altered or terminated by the trustor during their lifetime. An irrevocable trust, on the other hand, cannot be changed after it has been finalized without the consent of the beneficiary.
A trustee maintains the assets of a trust according to the trust agreement for the benefit of the beneficiaries. They manage investments, keep records, distribute assets, prepare tax returns, and handle any other trust-related duties.
A living trust is a legal entity created during the lifetime of a trustor. It allows the trustor's property to bypass probate upon death, providing faster distribution to the beneficiaries.
Irrevocable trusts can be structured to avoid the estate tax. However, revocable trusts become part of your taxable estate and do not offer tax advantages.
A living trust is established while the trustor is alive. A testamentary trust, however, is created in a will and doesn't come into effect until after the death of the trustor.
For those in need of legal advice regarding trusts, consider contacting the following resources:
If you need legal assistance with trusts, start by searching for a lawyer who specializes in trust law in Saint Augustine. Schedule a consultation to discuss your case and possible solutions. Be prepared to provide all necessary information and documents about your assets and property. A dedicated lawyer can help ensure that your interests are protected and your trust is set up to best meet your goals.
