Simple Planning in Fort Myers
Simple Trust Qualifications
For trusts that do not meet complex trust requirements, they are known
as simple trusts. Simple trusts must distribute all income within the
trust, but the income cannot be set aside, paid to, or used for charitable
purposes. They must also not distribute any amount of money that is allocated
to the principal of the trust. Examples of simple trusts are living trusts
and testamentary trusts. A simple living trust is when a grantor establishes
a trust, and transfers ownership to the items in the trust to a trustee.
Whoever receives the items in the trust are known as beneficiaries.
The most common type of living trust is a revocable living trust. This
means that the grantor maintains control of the trust, and can change
the terms, beneficiaries, and trustees. A testamentary trust is a trust
that is created under a will. It is amendable and can be revoked at any
time during the testator's lifetime. However, once the testator dies,
the trust becomes irrevocable, and it cannot be used to avoid probate
or manage the testator's property if they become incapacitated. If
you are interested in creating a simple trust, you may contact a
Fort Myers estate planning attorney.
Creating a Simple Will in Lee County
A simple will is ideal if you have a small estate and do not expect any
issues with the transfer of your properties and assets. If you are under
50 years old, have very few assets that total a certain amount, and have
no children from a previous marriage, creating a simple will may suffice.
Simple wills can serve the same purpose as a complex will. They can name
guardians for minor children or incapacitated individuals, name beneficiaries,
and determine how your property is to be divided once you pass. A simple
will is also acceptable if you do not expect any heirs or beneficiaries
to contest the will based on fraud, duress, or lack of mental capacity.
Fort Myers Probate Attorney
Not everyone may qualify for a simple trust or simple will. Trusts can
fluctuate between simple and complex depending on how the grantor manages
the trust during a tax year. If you wish to keep your trust as simple
for tax purposes, it may be beneficial for you to seek assistance from
an attorney at The Dorcey Law Firm, PLC. People who create simple wills
without a lawyer may not know the true value of their estate, or may leave
out important assets and properties, which may lead to issues during probate. Creating
wills and trusts with an experienced attorney can save you and your family time and money.
Call our firm to schedule an appointment as soon as possible!