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Trust Creation


Professional Trusts Attorney - Lawyer, providing experienced Development of Estate Trust legal services in Lakeland, Winter Haven, Bartow, and Polk County Florida.


A Trust is broadly defined as setting up a form of transferring property or assets while you are still living, which remains in effect in the event of your passing. A Trust can be an important tool in estate planning which may keep part, or all of your estate out of probate in the event of your passing.

A Trust may be in affect while you or living, or commence at the time of your passing.

A Trust is often the best method to provide for the needs of a beneficiary who will need continuing supervision due to age, disability, other special needs, or lack of financial sophistication.

When a Trust is set up, a Trustee must bee appointed to Administor the Trust. If you so choose, you may be the Administor of the Trust. However, if you do this, it is always wise to specify an alternative Trustee to ensure the Trust is protected in the event of your passing.

Joseph A. Morrison, an experienced Trust attorney & lawyer, assists Lakeland, Winter Haven, Bartow, and Polk County Florida residents with legal issues and disputes regarding various types of Trusts and other estate law matters.

We are committed to providing each of our Trust clients with the highest standard of legal representation while using every available resource to protect your legal rights, options, and interests. Contact The Law Office of Joseph A. Morrison to schedule a confidential legal consultation.

Just as with an estate administrator, a Trustee is legally responsible in ensuring the act in the best interest of the beneficiary of the Trust.

There are two kinds of Inter Vivos Trusts: revocable and irrevocable.

  • Revocable Trust: often referred to as "living" trusts, the donor maintains complete control over the trust and may amend, revoke or terminate the trust at any time.

  • Irrevocable Trust: cannot be changed or amended by the donor. Any property placed into the trust may only be distributed by the trustee as provided for in the trust document itself.  Irrevocable trusts are most often used by high net worth clients in a effort to reduce their taxable estate while still maintaining some control over the assets.

Testamentary Trust: is created by a will, and it does not come into existence until your passing.  Such a trust has no power or effect until the will of the donor is probated. A testamentary trust will not avoid the need for probate and will become a public document, as it is a part of the will.

Supplemental Needs Trust: is used to enable the donor to provide for the continuing care of a disabled spouse, child, relative or friend. The beneficiary of a specially-drafted supplemental needs trust will have access to the trust assets for purposes other than those provided by public benefits programs. In this way, the beneficiary will not lose eligibility for benefits such as Supplemental Security Income, Medicaid and low-income housing. A supplemental needs trust can be created by the donor during life or be part of a will.

Credit Shelter Trust: is a way to take advantage of the estate tax exemptions. The amount that may be sheltered has changed considerably over the past decade and is expected to continue changing into the future.  For this reason, is you already have a trust, it is wise to review the provisions with an attorney at least once every several years.

Even though a Trust is typically not subject to the probate process, these are still occasions when a trust may und up being disputed in trust litigation. Click here to read about trust litigation.

We urge you to be proactive when it comes to your legal rights by seeking the legal advice and representation of an experienced trust attorney or lawyer.

If need to draft, set up, amend, protect, or dispute a Trust in Lakeland, Winter Haven, Bartow, and the Polk County Florida area, make sure your legal rights are protected by seeking the legal advice of an experienced Lakeland trust attorney & lawyer by contacting The Law Office of Joseph A. Morrison.

 

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