Sarasota Trusts Attorneys
Protect Your Estate for Future Generations
Often, trusts are associated with the extremely wealthy. However, trust funds are a beneficial aspect of estate planning that everyone should consider. Whether you are looking for a way to avoid probate or you want to ensure your children are taken care of, trusts can help you prepare for the future. At Advocates in Aging, we have over 36 years of experience handling all types of trusts, and we can help you design the trust fund that best fits your needs.
Types of Trusts
At their core, trusts are a legal agreement where one individual holds the property or assets on behalf of another individual. The person doing the estate planning and who is looking to establish a trust is called the settlor or the grantor. The person authorized to hold the property on behalf of the settlor is the trustee. The trustee then manages the trust for the beneficiaries.
There are several different types of trusts, including:
- Trust funds for minor children
- Marital trusts
- Spendthrift trusts
- Special needs trusts
- Revocable living trusts
- Irrevocable life insurance trusts
Depending on your goals, the trust that is best for you will vary. For example, if you are looking to avoid probate, a revocable living trust might be recommended. Meanwhile, if you need to establish a trust to provide for a child with special needs, you would create a special needs trust. Other trusts can help you take advantage of tax exemptions or help you protect your estate from creditors. An experienced trust attorney can help you identify the trust that best fits your needs.
To learn more about trusts and how they can help you, call Advocates in Aging at (941) 242-7270.
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