Trusts are governed under Chapter 736, Florida Statutes. A trust is a legal document which is created and when properly signed, becomes a new legal entity. A trust is often used to transfer ownership of assets from the client to the trust in order to avoid probate. The laws regarding trusts can be complicated, however Charles Wynn often explains that a trust is like a truck. When the client establishes the trust, the client often becomes the trustee. This is like having the keys to the truck. The truck is useless unless it is loaded, this is funding the trust. The trust works like a roadmap to instruct where assets are to go and when to unload them which is distribution. A trust will outlive the maker of the trust, therefore there are instructions as to who gets the keys to drive the truck, this is the provision for the successor trustee. The trust will terminate according to its terms.
Trusts can be revocable or irrevocable. A trust can be for the benefit of its creator and/or its beneficiaries after the creator dies. A trust can provide the for health, care, maintenance, and well being of beneficiaries. It can protect assets from certain creditors.
For trusts involving tax issues, Charles Wynn always encourages the client to seek the assistance of his or her certified public accountant to review and approve all provisions which could have tax implications.
If you are considering forming a trust, contact Attorney Charles Wynn who has assisted clients with trusts for over thirty years. Attorney Charles Wynn will provide you with the estimated costs of forming a trust and will provide instructions on funding the trust.
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