Setting Up a Trust

Setting up a trust is one of the most effective strategies for protecting your family's future and ensuring that your estate is handled according to your wishes. 

For the last 20 years, I have been guiding families through the process of creating a trust that safeguards their legacy and provides peace of mind. 

I know how important it is to protect what you've worked hard for. I have put together a few important tips on creating a trust and how laws in Florida could impact you. 

Why Would You Consider Setting Up a Trust?

A trust is more than just a legal document; it's a steward of your assets, overseeing their distribution and management according to your instructions. Beyond this, trusts offer several benefits: 

Avoid Probate 

Trusts can bypass the often lengthy and costly probate process, allowing for a smoother transition of assets to your beneficiaries. 

Control and Protection 

Whether you aim to protect assets from creditors or dictate the terms of inheritance (such as age conditions for beneficiaries), a trust gives you ultimate control. This is especially useful when you have minor children or loved ones with special needs. 

Privacy 

Unlike wills, which become public record through probate, trusts maintain the privacy of your estate details. 

Setting Up a Trust: What You Need to Know

Here is a list of things you must consider while setting up a trust In Boca Raton, and throughout Florida: 

1. Decide on the Type of Trust 

There are various types of trusts, each serving a different purpose. Revocable trusts allow you to retain control and make changes as your life circumstances evolve. Irrevocable trusts, once established, cannot be altered, offering stronger protection against creditors and legal judgments. 

2. Determine Your Trust Assets 

Identify which assets you want to place in the trust. This could include real estate, investments, bank accounts, or personal property. You need to plan this step carefully to make sure your trust protects all your assets. 

3. Choose Your Beneficiaries 

Clearly define who will benefit from the trust. This decision is deeply personal and requires careful consideration of your unique family dynamics and individual needs. 

4. Appoint a Trustee 

Select a trustworthy and responsible individual or institution to manage your trust. This could be a family member, a friend, or a professional trustee. Their role involves managing the trust's assets and ensuring your instructions are carried out. 

5. Create the Trust Document

This is where I come in. Drafting a trust document is a process that requires deep knowledge of legal requirements and an understanding of your personal goals. You and I will work together, drafting comprehensive trust documents that reflect your wishes accurately and are tailored to Florida's laws. 

Setting Up a Trust: A Florida-Specific POV

In Florida, trusts are governed by the Florida Trust Code, which outlines specific regulations and protections. One notable aspect of Florida law is the principle of homestead protection, which can impact how your primary residence is treated within a trust.  

Setting up your trust the right way can make sure your home stays safe for your beneficiaries, avoiding potential legal pitfalls. 

Understanding the details of Florida law is important when making a trust that fits your needs and meets with legal requirements. Having an experienced lawyer on your side can help you achieve your estate planning goals. 

Choosing the Right Attorney

When it comes to setting up a trust, choosing the right attorney is crucial. Not all attorneys have the experience or expertise needed for effective estate planning. Do your research and take the time to find the right one for your needs.  

Here are some tips to help you make the best decision: 

• Look for experience: Do they have a track record of successfully setting up trusts for clients in Florida? 

• Check their credentials: Is the attorney licensed, and do they have additional certifications or specializations in estate planning? 

• Schedule a consultation: Are you familiar with their personality and communication style? Do you think they are a good fit for you? Does their philosophy align with your goals and values? How do they approach the process of setting up trusts? 

• Consider client testimonials: Have you looked through reviews or references from previous clients to understand the attorney's reputation and quality of service? 

By investing time in researching and selecting the right attorney, you can make sure that setting up your trust is straightforward and that it truly represents what you want. 

Moving Forward With Attorney Eric H. Light

Creating a trust is a form of caring for your loved ones and ensuring that your legacy is honored 

Being a family-oriented man, specializing in estate planning was a natural decision for me. This focus fulfills my desire to help others set plans that protect their family’s futures.  

I take a personal approach to each case. I prefer to work outside of the courtroom, on a one-on-one basis with all my clients. This way I get to know you, your situation and goals, and how to meet your needs through my legal services. 

If you're in Boca Raton, Florida, and considering setting up a trust, I encourage you to reach out to me at Eric H. Light, P.A. for personalized legal guidance.