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Miami Trust Lawyer

Providing Valuable Legal Assistance in the Creation and Administration of Trusts

If you’ve started an estate plan, you probably know the value of having a last will. However, wills are not where most estate plans should end. There are many additional estate planning tools to consider for estate plans in Florida. Depending upon your circumstances, it may be wise to consider a durable power of attorney, an advanced healthcare directive, and different types of trusts

There is a misconception about trusts in Florida estate plans, with many considering trusts something only for the wealthy. And while it is true that establishing a trust can be costly, there are nonetheless several benefits that everyone should consider.

If you wish to establish a trust as part of your estate plan, it is highly advisable that you speak with an experienced estate planning attorney about your intentions. Depending upon your unique needs and aspirational goals, different types of trusts may be recommended to you. Each trust is an estate planning tool that is not a one-size-fits-all legal option.

What Are Different Types of Trusts in Florida?

There are several different types of estate planning trusts to consider to address your unique needs. At our law firm, we have experience representing all these types of trusts and would be proud to lend legal assistance.

The different types of trusts in Florida include the following:

  • 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: living trust and 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 assist you by setting you up with the proper trust. The consultation is free and comes with no risks. Contact us today.

What Can You Put into a Trust?

There are several pieces of property and assets that can be included in your trust. Just the same, there are other assets that cannot be included in trust.

Real estate property, or real property as it is sometimes called, is one of the most common types of assets to include in an estate plan mechanism like a trust. Living trusts can be especially useful for transferring real estate from one party to another. Additionally, by putting your real property into a trust, there exists the potential of avoiding probate for this property.

You may also include financial accounts in your trust. The financial assets you may want to consider include annuities, bonds, CDs, checking and savings accounts, mutual fund accounts, shareholder’s stock, safe deposit boxes, and stock certificates.

Life insurance is another good asset to include in your trust. Doing so may protect your life insurance policy from creditors and others who wish to make claims on the insurance policy.

Valuable personal property, such as art, collectibles, jewelry, and antiques, may be additional items to consider for your trust. By putting these items into a trust, you may protect them from going through the costly and time-consuming probate process.

There are several benefits of transferring your business interests into a revocable living trust. You may consider doing so with your LLCs, partnerships, or sole proprietorships.
Also, consider putting collectible vehicles into a trust.

Assets that cannot be included in a Florida trust include retirement accounts, active financial accounts, everyday vehicles that you rely upon for work or leisure, health savings accounts, and UGMA or UTMA accounts.

What Are the Duties of a Trustee?

A trustee has several important duties and responsibilities. Trustees are empowered with unique authority, and with that authority comes the possibility of personal liability. Under the Florida Trust Code, a trustee is considered a fiduciary.

Duties and the potential liabilities of trustees in Florida include:

Administering trusts in good faith. The trustee must follow the terms of the trust in the best interests of the trust beneficiaries. The trustee cannot act in their own self-interest.

The trustee has an allegiance and loyalty to every beneficiary or heir of the trust (most often a family member or spouse). Failure to uphold fiduciary duties may expose a trustee to personal liability.

Dictates of the trust instrument. The trustee must follow the language of the trust while also obeying federal and state law. If there is a conflict between the terms set forth by the trust and existing laws, these conflicts must be resolved accordingly.

Communicating with beneficiaries is key to successfully administering a trust. Periodic communications and keeping beneficiaries reasonably informed are legal requirements.

If you are a trustee who needs assistance in the administration of a trust, please contact trusts lawyer Pedro Armando Perez-Roura to discuss your case in more detail.

What Are Grounds for Contesting a Florida Trust?

There exists the possibility that a trust may have been created under duress or may have other flaws in its creation. Additionally, if the trustee breaches their fiduciary duty, it is possible to contest the trust and challenge the trustee’s handling of the trust.

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 being available to 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.