Trusts Putting Your Legacy on Cruise Control

Trusts Attorneys in Fort Myers

Protect Your Family’s Financial Future with a Trust

Trusts can be costly and time-consuming to set up, but they can pay off in the long run. Typically established by those with estates of considerable value, trusts can help people preserve their wealth for their family’s future by avoiding costly court fees during probate and certain taxes. This can be especially important for spouses who will need to afford a mortgage or make other ends meet to prevent financial hardship.

The Dorcey Law Firm can help you establish your trust no matter its complexity or the value of your estate. Our trusts attorneys in Fort Myers are here to help people like you protect your family’s interests in what you’ve built over the course of your lifetime and wish to pass on one day. Get the help you need to secure your family’s future by reaching out to us today for legal assistance. When you do, request a free consultation so you can learn about the options we have available to people like you.

How Does a Trust Work?

While it’s rather simple to explain how a will works, there’s a little more involved when it comes to a trust. Like a will, a trust lets you determine what you want to give to your beneficiaries, but it does so in a less direct manner.

A trust a legal entity you can create to hold property and assets of your estate for you. As the grantor of the trust, you will assign a trustee to manage these assets for you. Unlike a will, this can all happen while you are still alive and well, and you can set up your trust to limit the trustee’s control over certain privileges and duties. You can even select yourself as the trustee to make sure you benefit from as much of what’s in your trust as possible and assign a successor to take over when you pass on. This successor, or a co-trustee, will also be responsible for dividing your trust among your beneficiaries as would happen with a will.

The important thing to keep in mind with a trust is that whatever is placed in one becomes the property of the trust. In fact, it’s this distinction in ownership that makes trusts attractive in the first place because it can protect an estate against probate court and even certain taxes.

What Are the Benefits of a Trust Over a Will?

A will doesn’t necessarily contrast with a trust, but placing your estate in a trust can protect it from many of the costs that an estate covered by a will can incur.

Two key reasons why people choose to establish a trust include the potential for avoiding probate court and avoiding certain taxes, like the federal estate tax. Both of these events – which will apply to estates covered only by a will or none at all – can rack up considerable costs against an estate, whittling it down so that your beneficiaries could be left with a significantly reduced distribution than intended.

This isn’t to say that you shouldn’t forego a will to back up your trust. Because all of your estate must be contained within the trust, anything that you own that’s not within the trust can be subject to probate and the state’s intestacy laws. A valid will can act as a “safety net” for anything that falls through the trust, allowing you to maintain control over inheritance – and reduce the time and cost of probate proceedings – should any part of your estate not be included in your trust.

Contact The Dorcey Law Firm online or by calling (239) 309-2870 for assistance.

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