A trust is a multiple party fiduciary relationship by which one person, known as trustor or settlor, transfers control of certain assets and property to a second person, known as the trustee, to hold or manage said property for the benefit of a third party, the beneficiary. A trust affords benefits not available through a simple will. There are many benefits in setting up a trust such as tax benefits, being able to be specific in what, when and how you would like your assets managed and distributed, among others.
However, although there are many reasons why someone may decide to start a trust, the main advantage of a trust is that it avoids probate. Without a trust, the transfer of assets to heirs occurs either through a will or by intestate proceeding. Both of which require a Probate legal proceeding that can cause delays in transfer of property and can also be very costly. If there is no will, the transfer of assets occurs under the intestacy laws of Florida, or the jurisdiction of the deceased’s place of residence through a probate process.
A trust can be established for the benefit of a group of people, or for a specific purpose, such as giving it to a charitable organization.
The Law Offices of Gretchen Ortiz can help answer all your questions.
We have attorneys who have experience in estate planning wills, trusts and probate who are ready to guide you through the process and help you make decisions for you and your loved one’s benefit
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Contact us today for wise counsel in matters of trusts. Our law firm proudly serves clients in all of Central Florida, including Orlando and the surrounding cities.