A successor trustee usually take up responsibility of the assets placed in the trust when the trust creator dies or when physically or mentally incapable of managing their assets. When a trust is created, a successor is named to take up several roles to ensure the fulfilment of the trust. Quite different is the revocable trust in which the trust maker names his or herself as the trustee of the trust account.
The importance of a trust cannot be overemphasized. Including a trust in your estate document would give you several leverage. A trust allows you transfer assets outside probate, and even before death. Assets funded in a trust take assume the name of the trust; thus, trusts offer tax advantages by limiting the assets held in your name. Also, a trust cannot be contested or litigated.
Formation, execution of your trust
The successor duties involve settlement and management of the trust even after the death of trust maker. The successor ensure that the deeds of the trust agreement are implemented. However, most actions taken by the successor would have been stated in the trust document. For instance, you might want your estate to go to your minor kids when you die. The successor in this case would maintain and keep the assets named for the beneficiary until the right age. In cases where a guardian is named to care for the minors, the successor would oversee the distribution of necessary items according to your instruction, while also making sure that you assets continues to generate income.
Naming a successor.
The role of the successor trustee is a very delicate one. You need someone who would advise you on the right trust formation as well as carry out your wishes over your estate. An estate planning lawyer is the best candidate to server as your successor trustee. With vast experience in estate laws and also the Fort Lauderdale state laws about trust formations; our estate lawyer would ensure that all your desires and wishes are implemented to the letter.
Revocable and irrevocable trust.
The revocable and irrevocable living trust perform the same function but operate in a slightly different manner. The revocable living trust permit change and flexibility of the trust. You can remove particular assets or change the named beneficiary in the trust. Altogether, a revocable trust can be cancelled or dissolved. Thus, this means that the trust maker retain the power over the trust during his lifetime.
However, the irrevocable living trust cannot be undone. Once the assets has been transferred into trust it cannot be changed. This type of trust is effective in reducing excessive estate taxes. A revocable trust usually turns permanent or irrevocable upon the death of the trust maker.
This trust is created for minor who are yet able to able money. The trust helps to keep the assets for the named beneficiary until they are able to handle them.
Special need trust.
A special need trust is prepared for desired beneficiaries with special need. Funds and assets are placed into this to ensure that the special needs of the individual can be met without also forfeiting their rightful government benefits.
Life insurance trust.
Life insurance trust is an irrevocable type of trust and also a very good way to avoid excessive estate taxes. The trust collects insurances on the grantor and use it for a named beneficiary in the trust.
- Estate plans can be made to reflect and implement your mid, short and long term plans. However, you can speak with an estate planning lawyer to know suitable documents that would reflect these plans.
- Since estate plans are made in preparation for any uncertain life occurrences, you need the right lawyers to ensure your desires and plans are duly implemented.
- Fort Lauderdale estate lawyers would guide you through any probate process. Also, the estate lawyer can step in a play the role of the executioner of your estate plan.
- The living trust is an essential estate document. While other estate document such as last will may go through probate before it can be implemented, the living trust allows transfer of assets without any probate process.
Contact a Fort Lauderdale Estate Planning Lawyer
Estate planning can be a tough task, depending on how you want your estate to be planned. Ever more complicated is planning it all by yourself. To ensure that your estate is well planned, it is best you contact a professional, one who is quite conversant with estate planning and the estate planning laws in Fort Lauderdale.
If you reside in Fort Lauderdale and you need help regarding the planning of your estate, you can contact our estate planning lawyer in Fort Lauderdale.