Miami Trust Attorney | Trust Planning & Administration Services

Providing Valuable Legal Assistance in the Creation and Administration of Trusts

An experienced Miami trust attorney can provide crucial guidance for establishing a well-rounded and effective estate plan. While many people understand the importance of having a will, it is often not enough on its own.

There are several estate planning tools to consider in Florida, including durable powers of attorney, advance healthcare directives, and different types of trusts. Each option serves a unique purpose depending on your situation.

Some people believe trusts are only for the wealthy, but creating a trust can offer benefits to a broad range of individuals and families. While there may be upfront costs, these advantages are not limited to high-income earners.

If you are considering adding a trust to your estate plan, now is the time to speak with a knowledgeable attorney. Contact a Miami trust attorney today to understand your options and receive a personalized recommendation for the right type of trust based on your goals.

What Are Different Types of Trusts in Florida?

There are many types of trusts available, each designed to meet different estate planning needs. Choosing the right one depends on your financial situation, family structure, and long-term goals.

At our firm, we help clients understand their options and select the trust that best fits their needs.

Common types of trusts in Florida include:

Asset protection trust.
Auto trust.
Charitable trusts.
Charitable remainder trust.
Credit shelter trust.
Descendant’s trust.
Generation-skipping trust.
Grantor retained annuity trust.
Insurance trust.
IRA trust.
Irrevocable life insurance trust (ILIT).
Irrevocable trust.
Land Trust.
Living trust.
Medicaid trust.
Pet trust.
Qualified personal residence trust.
Revocable trust.
Special needs trust.
Spendthrift trust.
Spousal trust.
Testamentary charitable lead annuity trust (TCLAD).
Totten trust.

There are two primary types of trust: a living trust and a testamentary trust. The rest typically fall under one of these broader categories. Again, not every type of trust is suitable for every individual’s estate plan. Contact us to discuss your estate planning goals, and we can help you set up the proper trust. The consultation is free and carries no risk. Contact us today.

What Can You Put into a Trust?

A wide range of assets can be placed into a trust, helping you manage and protect your estate more effectively. However, depending on their nature, some assets may not be eligible. Understanding which assets can or cannot be included is the first step.

Common assets you can include in a trust:

Real estate
Placing real estate in a trust simplifies ownership transfers and often lets you avoid probate.

Financial accounts
You can also include certain financial assets, such as bank accounts, investments, and securities. With proper planning, you ensure that the trust holds these assets correctly.

Life insurance
If you include life insurance in a trust, you may gain extra protection from creditors and control how the trust distributes benefits.

Personal property
You can place valuable items like jewelry, art, collectibles, and antiques in a trust to protect them and avoid probate.

Business interests
You can transfer ownership of LLCs, partnerships, or sole proprietorships into a trust. This action helps you ensure continuity and manage your business properly.

A Miami trust attorney can help you determine which assets should be included in your trust based on your goals and overall estate plan.

Assets that typically cannot be placed in a trust include:

Retirement accounts
Health savings accounts
Certain active financial accounts
Everyday vehicles
UGMA or UTMA accounts

What Are the Duties of a Trustee?

A trustee plays a critical role in managing and administering a trust. This position carries significant responsibilities and potential personal liability. Under Florida law, a trustee is considered a fiduciary, meaning they must act in the best interests of the beneficiaries at all times.

Key duties of a trustee include:

Acting in good faith
A trustee must follow the terms of the trust and make decisions that benefit the beneficiaries, not their own personal interests.

Loyalty to beneficiaries
Trustees have a duty to remain loyal to all beneficiaries and treat them fairly. Failing to meet this obligation can result in personal liability.

Following the trust terms and the law
A trustee must comply with the instructions outlined in the trust and with state and federal laws. Any conflicts must be handled appropriately.

Maintaining clear communication
Keeping beneficiaries informed is essential. Trustees are required to provide updates and maintain transparency throughout the administration process.

If you are serving as a trustee, contact a Miami trust attorney today for clear, proactive guidance. Take this step to fulfill your responsibilities and avoid costly mistakes confidently.

What Are Grounds for Contesting a Florida Trust?

There may have been a trust created under duress or with other flaws in its formation. Additionally, if the trustee breaches their fiduciary duty, the trust may be contested, and the trustee’s handling of the trust challenged.

Acceptable grounds for challenging a trust include:

Breach of fiduciary duty.
Improper accounting.
Lack of capacity.
Mistake in execution.
Surcharge action.
Undue influence.
And more.

Schedule a Free Consultation with an Experienced Trusts Attorney

At Perez-Roura Law, our highly skilled legal team has the experience necessary to help you with your estate planning needs.

Led by attorney Pedro Armando Perez-Roura, our firm prides itself on providing our clients with fast response times and compassionate legal care. Additionally, our firm offers free, no-obligation case evaluations to all prospective new clients. Please contact our Miami law office to schedule your free consultation today to learn more. 305-570-3259.

Miami Trust Lawyer