Top Estate Planning Attorney Ana M. Veliz, founder of the Law Offices of Ana M. Veliz, P.A. in Coral Gables, FL reveals important questions to ask a lawyer about living trusts. For more information please visit https://velizlaw.com
Living Trusts remain untapped potential for most, as they either aren’t aware of them or have questions only a seasoned Estate Planning lawyer can address, disclosed Florida Estate Planning Attorney Ana M. Veliz.
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A revocable living trust enables a person to place assets into a trust over time. These assets can be utilized by that person and overseen by a nominated trustee. Assets are available to the person who sets up and owns the trust during their lifetime and distributed after death to named beneficiaries.
The Founder of the Law Offices of Ana M. Veliz, P.A. in Coral Gables, urged anyone with questions about living trusts to speak to an experienced estate planning attorney.
These should ask about taxable impacts on trusts, how they can help avoid the probate process, whether wills should run parallel to a trust, how a power of attorney works, and understanding the difference between what a trust can deliver compared to a will.
One question is what property or assets can be placed in a trust. Veliz said: “Assets such as retirement accounts are among the few the trust shouldn’t own. But the more property added to a trust, the more beneficial it will be.”
For most, choosing the right trustee usually means naming themselves to administer the trust during their lifetime, but they must name a successor if the trust is to remain active when they become incapacitated or after they die.
“Living trusts offer diverse benefits, such as allowing trust assets to be distributed soon after death, negating the period it takes to put a will through probate.” Because a Living Trust is revocable, a person can alter it anytime. They can dissolve a trust, and as it is not probated, it never becomes a public record.
The downside could be forgetting to assert a change of ownership of an asset to the trust, which asset would then not be covered by the trust. Assets not included in a trust could also be subject to standard state intestacy laws.
Veliz concluded: “A Living Trust is like a treasure chest. However, all the treasure must be in that chest to be protected. Living trusts should be considered an essential element in estate planning.”
Name: Ana M. Veliz
Email: Send Email
Organization: Ana M. Veliz P.A.
Address: 2600 S. Douglas Road Suite 710 Coral Gables, Fl 33134
Release ID: 89091974
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