Trusts

Jacksonville Lawyer – Trusts

A will is necessary to set up a Revocable Trust, which may be the best vehicle to preserve some or all of the assets of your estate, even if it is a small estate. In addition to its tax advantages, a testamentary trust may in some cases be more satisfactory than a guardianship of a minor’s estate because a guardianship terminates when the ward reaches the age of majority and a custodianship at age 21 in Florida.

Unlike a guardianship, a revocable trust can be drafted to continue for as much of the beneficiary’s life as you (as the testator) desire. In addition, a revocable trust permits the testator to direct precisely how the trust assets will be applied. This power is particularly important if the assets are for the benefit of an ailing parent, an elderly spouse, an unstable adult, or a child that the testator feels should not receive the assets immediately on reaching the age of majority.

More information about Revocable Trusts from the Florida Bar